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Posthaste: After a blistering spring, Canada s hottest real estate markets show signs of tapering off
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Toronto housing market finally cools down but experts say it won t stay that way
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Home sales just dropped in Toronto for the third consecutive month, newly-released MLS data shows, suggesting that recent demand surges caused by COVID may have settled down. for now.
While up on a year-over-year basis, the Toronto Regional Real Estate Board (TRREB) reports that home sales actually fell across the region between May and June of 2021, from 11,951 transactions to 11,106.
It may look like a rather miniscule drop (about 9.1 per cent, when seasonally adjusted), but the fact that GTA sales went down at all is significant considering that they rose by a staggering 78.7 per cent between May and June of 2021 (again, on a seasonally adjusted basis).