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tax 7766(2016) vs 7038(2018). I am not interested in houses in NON-416 area where I am not familiar with,

but from the tax data, it seems that the house value itself has about $200,000 difference. The internal renovation value can have easily $200,000 difference. It is not safe to conclude that the house price drop $400,000 in this case. From my comparing, the house price in most Toronto area at this season is quite close to the price in 2016.
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