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Toronto Real Estate Market Report

The Toronto residential resale market returned to form in October. It returned to where it should have been before the frenzy set in at the beginning of this year and buyers began competing for properties indiscrimately and paying unreasonable prices. Price increases of 30 percent on a year-over-year basis are simply unsustainable. Even without the implementation of the 15 percent foreign buyers tax introduced in April the market would have returned to reality. Reality was accelerated by the tax.