Bank of Canada
The average price has declined by $175,000 since its peak earlier this year.
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A strong economy can't explain the Toronto region's house price growth, the bank says.
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Toronto is no longer a "seller's market" and is now "in balanced territory."
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The rules will tackle the affordability problem buyers and renters are facing.
The average sales price of a home in Canada reached $548,517 in March, up 8.2 per cent in a year.
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The province's finance minister fears speculators are crowding out actual homebuyers in southern Ontario.
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By the time the public realizes it's a bubble, it's already over.
Canadian Press/Fred Chartrand
"A little bit of air has been let out of the bubble."
Stephen Poloz doesn't think Toronto's housing market is sustainable.
Canadian Press/Frank Gunn
There are still more expensive places than Toronto. Just not many.
It's all gone too far, too fast, they say.
Mark Blinch / Reuters
"Kill the new condo market, kill the Ontario economy."
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But Toronto's party is about to end, Ontario's fiscal watchdog warns.
Speculation in Toronto real estate is "a sign of a market bubble,” Realosophy says.