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Housing market slowdown starting?.

TORONTO — Canadian home sales posted their biggest monthly decline in 11/2 years in January, suggesting the long-expected market slowdown may finally be on its way.

The Canadian Real Estate Association said Wednesday sales of existing homes fell 4.5 per cent to a seasonally adjusted 38,294 in January from 40,115 the previous month. It was the first monthly decline since August 2011 and the biggest drop since July 2010.