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TORONTO — Recent government regulations have created “unprecedented levels of uncertainty” for the high-end home market heading into the key spring buying season, Sotheby’s International Realty Canada said in a report released Wednesday.

Data compiled by the realtor in Canada’s four largest real estate markets predicts little deviation from ongoing trends.

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Toronto is expected to continue to lead the pack in sales of homes worth over $1 million, while Vancouver’s high-end home sales will continue to normalize. Calgary’s market is forecast to continue its cautious recovery from the oil price shock and sales in Montreal are anticipated to grow modestly, according to the report.

But recent policy changes from federal, provincial and municipal governments remain “wild cards,” said Brad Henderson, president and CEO of Sotheby’s International Realty Canada.

Last fall, Ottawa introduced new rules requiring all insured mortgages to undergo stress testing to determine if borrowers would still be able to meet their mortgage obligations if interest rates climb or if their incomes decline. Such tests previously were not needed for fixed-rate mortgages longer than five years.