According to the latest statistics from the Toronto Real Estate Board (TREB), the annual pace of increase for the City of Toronto house prices rose by nearly 15 per cent last month, compared to May 2016.

But the volume of home sales, meanwhile, in both Toronto and the Greater Toronto Area (GTA) took a hit. The GTA encompasses the 905 and 416 area codes.

The total average sales drop was –20.3 per cent, year over year, TREB says.

In Toronto, the declines 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.

Compared to this time last year, home prices in the GTA remain high — the average home was at $752,100 in May 2016; a year later, it’s at $863,910. If you want to live in Toronto itself, you’re looking at paying $899,728.

The number of new sales listings rose by 42.9 per cent last month,  compared to a year ago.

Prices down from April 2017 to May 2017

Comparing home prices from the last two months, however, tells a slightly different story: the average price of homes in the GTA dropped by more than $55,000 — from $919,614 to $863,910 — in May compared to the previous month.

In late April, the Ontario government introduced 16 measures intended to rein-in home prices, including a 15 per cent foreign buyers tax expansion of rent control; and legislation that would allow Toronto and other municipalities to tax vacant properties. … CBC.ca