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A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017.
A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017.

GTA housing prices drop after Ontario implements foreign-buyers tax Add to ...

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The average price of residential properties sold last month in the GTA fell from a record high in April as Canada’s largest housing market feels the psychological impact of a tax on foreign home buyers.

The figures released Thursday by the Toronto Real Estate Board (TREB) show the average price of homes decreased 13.8 per cent in June from April’s high. They also show the number of homes sold in the Greater Toronto Area fell 37.3 per cent from a year earlier. The drops come after Ontario’s 15-per-cent tax on foreign home buyers took effect on April 21.

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