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BuzzBuzzHome: A call to restrict foreign investment in GTA real estate has gained popularity on internet petition site change.org. As of publication, 10,005 supporters have signed the petition which asks Brad Duguid, the Minister of Economic Development, Employment and Infrastructure, to consider enacting new regulations limiting who can buy existing GTA homes.
The petition was posted to the site three weeks ago by Shaan Brach of Richmond Hill, though it picked up considerable steam Monday, with 1,000 new signatures added in the span of 10 hours.
The authors say the petition is “meant to protect current Canadian citizens, including recent immigrants, from the overwhelming amount of foreign investment taking over the GTA’s residential real estate market. This wealthy foreign investment strategy is driving up prices, and lowering our standard of living as a result, as it is making it impossible for Canadians to buy homes in their own country.”
The petition points to a Toronto Star article that estimates 50 per cent of condo real estate in Vancouver and Toronto is foreign-owned and 15 per cent of Toronto condos are unoccupied, “meaning they are solely for investing.”
However, the Canada Mortgage and Housing Corporation (CMHC) released a rental market survey in December 2014 that suggested foreign investment makes up 2.4 per cent of the Toronto condo market and 2.3 per cent of the Vancouver market. Currently, there is no data available tracking the rate of foreign ownership of real estate in Canada, so estimates vary.
The letter to the minister asks him to consider new rules similar to those established in Australia in 2010, that bar foreigners from buying existing residences in the country. However, they are allowed to buy new construction homes, “meaning the country’s real estate market grows, while pricing stays the same because more real estate will become available.”
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'Mean Girls' House For Sale In Toronto
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The 20,000-square-foot Toronto mansion that played the part of Regina’s house in the cult 2004 movie "Mean Girls" is up for sale, complete with entertainment room, wine cellar and a six-car garage. It's listed for $14.8 million. So fetch. (credit:Sotheby's)
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This gallery shows photos of 40 Park Lane Circle in Toronto. It's a Versailles-inspired property going to auction on April 16. (credit:RE/MAX/Barry Cohen Group)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(46 of206)
This historic property, whose price was once $37.8 million and is now $28,899,000, was seen on the market in June 2014. (credit:Realtor.ca)
254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(47 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(48 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(49 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(50 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(51 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(52 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(53 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(54 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(55 of206)
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254002 Highway 22, Rural Foothills M.D., Alberta — $28,899,000(56 of206)
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68 The Bridle Path, Toronto — $25 million(57 of206)
This French Chateau, selling for $25 million, was seen on the market in October 2014. (credit:Barry Cohen Homes)
68 The Bridle Path, Toronto — $25 million(58 of206)
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68 The Bridle Path, Toronto — $25 million(59 of206)
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68 The Bridle Path, Toronto — $25 million(60 of206)
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68 The Bridle Path, Toronto — $25 million(61 of206)
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68 The Bridle Path, Toronto — $25 million(62 of206)
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68 The Bridle Path, Toronto — $25 million(63 of206)
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68 The Bridle Path, Toronto — $25 million(64 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(65 of206)
551 Rue Vercheres, Magog, Que. — $25 million(66 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(67 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(68 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(69 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(70 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(71 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(72 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(73 of206)
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551 Rue Vercheres, Magog, Que. — $25 million(74 of206)
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8888 Lakeshore Road, Kelowna, B.C. — $19,999,000(75 of206)
Located on a 124-acre lot, and possessing over 1,400 feet of shoreline space, this Kelowna home was seen on the market in October 2014. (credit:Sotheby's)
8888 Lakeshore Road, Kelowna, B.C. — $19,999,000(76 of206)
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8888 Lakeshore Road, Kelowna, B.C. — $19,999,000(77 of206)
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8888 Lakeshore Road, Kelowna, B.C. — $19,999,000(78 of206)
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8888 Lakeshore Road, Kelowna, B.C. — $19,999,000(79 of206)
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8888 Lakeshore Road, Kelowna, B.C. — $19,999,000(80 of206)
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35 High Point Road, Toronto — $19.8 million(81 of206)
This seven-bedroom mansion, which has a home theatre with stadium-style seating, was seen on the market in October 2014. (credit:Century 21)
35 High Point Road, Toronto — $19.8 million(82 of206)
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35 High Point Road, Toronto — $19.8 million(83 of206)
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35 High Point Road, Toronto — $19.8 million(84 of206)
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35 High Point Road, Toronto — $19.8 million(85 of206)
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35 High Point Road, Toronto — $19.8 million(86 of206)
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35 High Point Road, Toronto — $19.8 million(87 of206)
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35 High Point Road, Toronto — $19.8 million(88 of206)
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35 High Point Road, Toronto — $19.8 million(89 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(90 of206)
This ski-in, ski-out property was seen on the market in December 2014. Its price has gone from from $11.9 million to $9,999,999. (credit:Maggi Thornhill)
2290 Nordic Drive, Whistler, B.C. — $9,999,999(91 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(92 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(93 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(94 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(95 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(96 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(97 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(98 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(99 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(100 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(101 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(102 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(103 of206)
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2290 Nordic Drive, Whistler B.C. — $9,999,999(104 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(105 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(106 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(107 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(108 of206)
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2290 Nordic Drive, Whistler, B.C. — $9,999,999(109 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(110 of206)
This equestrian estate in B.C.'s Fraser Valley was seen on the market in December 2014. (credit:Greatervancouverluxuryhomes.ca)
29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(111 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(112 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(113 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(114 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(115 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(116 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(117 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(118 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(119 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(120 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(121 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(122 of206)
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29360 Townshipline Road, Abbotsford, B.C. — $6.98 million(123 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(124 of206)
Brian Mulroney's mansion has been on the market since September 2013. Its price has fallen from $7.95 million to $5,799,999. (credit:Mellor Group)
47, Crois. Forden, Westmount, Que. — $5,799,999(125 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(126 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(127 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(128 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(129 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(130 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(131 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(132 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(133 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(134 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(135 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(136 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(137 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(138 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(139 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(140 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(141 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(142 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(143 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(144 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(145 of206)
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47, Crois. Forden, Westmount, Que. — $5,799,999(146 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(147 of206)
This ocean view home in Nova Scotia has seen its price go from $5.9 million to $3.95 million. It was seen on the market in June 2014. (credit:Royal LePage)
155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(148 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(149 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(150 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(151 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(152 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(153 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(154 of206)
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155 Gill Cove Road, Ketch Harbour, N.S. — $3.95 million(155 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(156 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(157 of206)
This lovely P.E.I. home sits on a bluff overlooking the Atlantic Ocean. Its price has gone from $4.9 million to $3.95 million. It was seen on the market in June 2014. (credit:Royal LePage)
RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(158 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(159 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(160 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(161 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(162 of206)
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RTE 336-576 Cable Head East, Cable Head, P.E.I. — $3.95 million(163 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(164 of206)
This penthouse condo (it's more like a townhouse) was spotted on the market in December 2014. Its price has gone from $3.75 million to $3.25 million. (credit:Rivercityrealestate.ca)
2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(165 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(166 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(167 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(168 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(169 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(170 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(171 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(172 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(173 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(174 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(175 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(176 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(177 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(178 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(179 of206)
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2420 720 13 Avenue SW, Calgary, Alta. — $3.25 million(180 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(181 of206)
This lovely Whistler chalet was spotted on the market in December 2014. (credit:Maggi Thornhill)
5204 Jordan Lane, Whistler, B.C. — $2.949 million(182 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(183 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(184 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(185 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(186 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(187 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(188 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(189 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(190 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(191 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(192 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(193 of206)
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5204 Jordan Lane, Whistler, B.C. — $2.949 million(194 of206)
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RM Edenwold, Pilot Butte, Sask. — $2.3 million(195 of206)
This 1,860-square-foot bungalow on a 21-acre property was seen on the market in June 2014. Its listing price has gone from $5.9 million to $2.3 million. (credit:SaskMatrix/Realtor)
RM Edenwold, Pilot Butte, Sask. — $2.3 million(196 of206)
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RM Edenwold, Pilot Butte, Sask. — $2.3 million(197 of206)
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RM Edenwold, Pilot Butte, Sask. — $2.3 million(198 of206)
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RM Edenwold, Pilot Butte, Sask. — $2.3 million(199 of206)
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RM Edenwold, Pilot Butte, Sask. — $2.3 million(200 of206)
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RM Edenwold, Pilot Butte, Sask. — $2.3 million(201 of206)
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58 McKenzie Lake Island SE, Calgary, Alta. — $2.25 million(202 of206)
This McKenzie Lake Island property's price was once $2.5 million, but now it's $2.25 million. It was seen on the market in December 2014. (credit:MLS)
58 McKenzie Lake Island SE, Calgary, Alta. — $2.25 million(203 of206)
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58 McKenzie Lake Island SE, Calgary, Alta. — $2.25 million(204 of206)
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58 McKenzie Lake Island SE, Calgary, Alta. — $2.25 million(205 of206)
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58 McKenzie Lake Island SE, Calgary, Alta. — $2.25 million(206 of206)
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