Toronto real estate market showing more signs of slowdown

Toronto's real estate market is still pretty hot, but the Toronto Real Estate Board (TREB) just released its monthly report for May, which indicated that sales of detached homes in the GTA were down 26 percent in comparison to May 2016.

Condo sales, however, were down only by about 6 percent.

While year over year prices were still well up across the city, when looking month to month, prices were down since April. The average price for a house in the GTA dropped from $919,614 to $863,910, writes CBC News. From March to April 2017, prices on detached and semi-detached homes also dipped.

#TREB's latest Residential & Commercial Market Reports now posted! Get the update on May's market conditions here: https://t.co/9advjBRxOe pic.twitter.com/5jLpY3UNuU

— TREB (@TREBhome) June 5, 2017

The TREB reports that listings were up more than 40 percent last month, which is a huge change from when we hit a historic low last year.

In April, the provincial government introduced the Fair Housing Act to reign in the real estate market, but as the TREB says, it's still too early to see the "actual or normalized," effect of these cooling measures.

"In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out," said Jason Mercer, TREB’s director of market analysis in a news release.

This #Rosedale mansion sold for $2.6 million under asking https://t.co/hA9aH7BJpN pic.twitter.com/vY1UdU1mYg

— blogTO (@blogTO) June 3, 2017

"On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains.”

The average price of a detached house in Toronto is still sitting at a whopping $1,503,868.