This article says it all. I was asked if it is okay to hold off on buying as prices are coming down. It is noteworthy that prices are still rising in the traditional 'year over year' way. What has come down are the number of transactions and the month to month prices. June average prices was lower by 8% than May's but was still higher by 6.3% than a year ago. So analyze your needs.
Read about it here:
A Toronto Star article
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