The housing market dominated the headlines again last week, with news of another sharp decline in Vancouver home sales in September accompanied by the announcement of a package of new measures on mortgage rules from the Liberal government. The media predictably pinned the further decline in Vancouver home sales last month on the imposition of the foreign buyer tax in August. That misses the bigger point that Vancouver home sales actually peaked in February and have been falling sharply ever since. In contrast, the Toronto market is still going from strength to strength.
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