The wild ride in the Toronto and Vancouver housing markets may be over. Either that, or it’s taking a breather right in the middle of the hot spring home-buying season.

After several years of rapid growth, home sales in both cities have flatlined and even shrunk mildly over the past two months.

“Activity in Greater Vancouver and the GTA appears to have topped out,” said Cliff Iverson, president of the Canadian Real Estate Association (CREA).

Home sales saw no growth in April in Toronto, after falling 1.8 per cent the month before. Sales were down 1 per cent in Vancouver, after falling 0.3 per cent the month before.

Still, those markets are topping out at very high levels. The benchmark home price index for Toronto was up 11.6 per cent from a year earlier, to $614,700. The benchmark price index for Vancouver was up a stunning 25.34 per cent in April, compared to a year earlier, at $844,800.