Toronto's real estate market shows its first sign of weakness
Toronto's real estate market burned red hot throughout 2016. Last year, we once again smashed a record for home sales. The market might, however, be showing signs that it's very slowly starting to cool down.
As Global News reports today, based on Toronto Real Estate Board data, between November and December 2016, the average price of a detached house dropped nearly 4 per cent - the biggest decrease within the past two years.
Global notes that it's normal for this number to dip between November and December, but this drop is greater than the declines witnessed in both 2014 and 2015.
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