The recent statistics from the Toronto Real Estate Board (TREB) suggest that the Greater Toronto Area (GTA) housing market has lost some of its sizzle. While year-over-year the prices have remained firmly in the double digits, but the home sales in both the City of Toronto and also the Greater Toronto Area (GTA), that encompasses the 905 and 416 area codes, took a big hit when compared to May of last year.

In the Toronto proper, the declines from May 2016 to May 2017 were:

Detached: –26.1 per cent

Semi-detached: –14.1 per cent

Townhouse: –24.3 per cent

Condo: –4.3 per cent

For the GTA, the drops were:

Detached: –26.3 per cent

Semi-detached: –22.7 per cent

Townhouse: –18.1 per cent

Condo: –6.4 per cent

Total combined average drop in the sales was –20.3 per cent. However, the average price of a home, did not take a great dive. In the May of last year the cost was $752,100, a figure that is now $863,910. If you wanted to live in the city, you are looking at a price of $899,728.

These increases come out despite of the number of new listings shooting by 42.9 per cent as compared to the last May.

The drop in sales comes after the Ontario government has introduced 16 measures which are intended to rein-in home prices. Among the measures introduced is the 15 per cent foreign buyers tax; expansion of the rent control; and also legislation which would allow the Toronto and also other municipalities to tax the vacant properties.

The month of May is often regarded as the strong month for real estate as the month marks end of the early spring sales surge, which in the area of Toronto, saw the major price jumps. Even though the average price growth rate for each type of the home has dropped off from the early spring peak.

Similar measures, particularly the foreign buyers tax, were put into action in the B.C. nine months ago, and also seemed to have temporarily slowed the mania of real estate.

WestJet Airlines Limited To Launch Flights To China?

Mrudula Duddempudi.