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TORONTO — Canada’s two largest real estate markets saw double-digit annual sales declines in March, but the similar pattern in the two regions could soon diverge, according to a TD economist.

The Toronto Real Estate Board said Tuesday that home sales in the Greater Toronto Area in March were down 39.5 per cent from last year, while the Real Estate Board of Greater Vancouver reported sales in its region dropped by 29.7 per cent. Both were down significantly from last year’s frenzied pace — what some observers consider a market peak –when home prices and sales skyrocketed and bidding wars were the norm.

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TREB said March sales figures were down 17.6 per cent from the 10-year average and REGBV said sales in that region were down 23 per cent, but had increased by 14 per cent the month prior.

But the trend in the two markets could differ in the coming months, noted TD Economics senior economist Michael Dolega, in part because B.C.’s latest budget introduced a slew of measures to cool housing, including a speculation tax to target both foreign and domestic buyers not paying tax in the province. However, Ontario’s budget offered no new measures to tamp down the market.