The total number of homes sold in the GTA last month dropped 22% compared to January 2017.
As the volume of new listings rose 17%, the average sales price for all types of homes fell 4.1%, mainly because of weakness in the detached house segment.
While semi-detached homes, townhomes, and condos saw prices rise last month in Toronto compared to a year ago, detached house prices slipped 3.9% to an average of $1.2-million.
Detached homes prices in the 905 region averaged $879,000, down 12% from last year.
The Toronto Real Estate Board points out the GTA market exploded in the first half of last year before Queen’s Park introduced new measures in April to cool it.
”It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018,” according to TREB, which feels the condo sector will drive price growth as the most-affordable housing option continues to outstrip supply.