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A home sale in downtown Montreal.

SHAUN BEST/Shaun Best/Reuters

Canada's housing market is cooling off after its record-setting pace in the post-recession period. The Canadian Real Estate Association said Thursday that existing home sales fell 8.2 per cent in June from a month earlier, largely because of a slower pace in Toronto and Calgary. The national average resale price dipped 1.2 per cent, to $342,662, from May's record $346,881. That's still almost 5 per cent above last year's prices.

Will the slowdown last? Are we looking at a buyers' market now?

Senior TD economist Pascal Gauthier took your questions in a live discussion.

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Based in Toronto, Pascal Gauthier joined the Economics department at TD Bank Financial Group in January 2007. His chief responsibilities include analyzing and forecasting regional and industrial developments and conducting research on a broad range of topics, including real estate and public policy. Prior to joining TD Bank Financial Group, Pascal taught undergraduate and graduate level Economics at the University of Minnesota and was a private sector consultant in economics and strategy for firms in the Twin Cities area of Minneapolis and Saint- Paul in the United States, where he lived from 1998 to 2006. He holds a B.Sc. degree in Economics from the Université de Montréal, an M.A. degree in Economics from the University of British Columbia and pursued his Ph.D. studies in Economics at the University of Minnesota.

<iframe src="" scrolling="no" height="650px" width="600px" frameBorder ="0" allowTransparency="true" ><a href="" >Economist Pascal Gauthier takes questions on Canada's housing market</a></iframe>

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Is it a good time to lock in your mortgage rate or are variable-rate mortgages the way to go?

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