Canada wanted to cool its housing market. Now it looks like the goal is achieved, Bloomberg reports. Sales of luxury property at the most expensive markets of Canada dropped significantly in the first half of this year due to tighter government regulation of the sector.

In total, sales of houses valued more than C$1 million ($760000) declined by 46% in Toronto and by 19% in Vancouver. In case of property valued more than C$4 million, sales decreased by 51% in Toronto and by 47% in Vancouver.

Decline was a result of a whole range of lending restrictions and taxes on behalf of both federal and provincial governments.

Montreal was the only large city in Canada, where sales of luxury houses grew compared with last year. In case of property costing more than C$1 million, sales rose by 24%. The reason is in absence of so many measures aimed at market cooling compared with Toronto and Vancouver.

Experts expect rebound of luxury property market of Canada in the second half of 2018.