The real estate market in Greater Toronto is experiencing a significant downturn as prices have dropped and demand has waned. According to data from the Toronto Regional Real Estate Board (TRREB), the benchmark home price fell by 2.1% in October, amounting to a decrease of $23,400. This decline has erased most of the gains made in the past year, signaling the cooling of the once red-hot real estate market. The main factors contributing to this decline are an increase in inventory and a decrease in demand, resulting in a shift in the market dynamics. The decrease in demand is due to a changing composition of buyers
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