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Toronto area home sales sink after cooling measures

from Globe and Mail

House sales fell 26 per cent in the Toronto region in the month following the Ontario government's introduction of a foreign-buyer's tax as many potential purchasers stepped back and waited to assess the market impact. In the 30 days after the province announced the immediate introduction of a 15-per-cent foreign-buyer's tax, the number of houses sold in the Greater Toronto Area fell 26 per cent compared with the same period last year, according to data compiled by Toronto realtor John Pasalis, president of Realosophy Realty. more


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