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Toronto’s real estate market went crazy from 2013 to 2017. People would buy properties, the price...

Toronto’s real estate market went crazy from 2013 to 2017. People would buy properties, the price would rise, then they would buy more. Does it mean the demand for housing was upward sloping? If yes, explain why? If no, what's a more reasonable explanation that is consistent with the law of demand?

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