Clients looking for a home in Toronto will be pleased to know prices are cooling from the highs seen in the spring.

The Toronto Real Estate Board says the average price for all home types was $732,292, still up 3% from August 2016, but down from July’s average of $746,033.

That makes August the fourth month in a row that the Toronto-area average home price has fallen since hitting a record $919,086 in April.

In April, the Ontario government introduced more than a dozen measures — including a 15% tax on foreign buyers — aimed at improving home affordability.

Read: It’s here: 15% tax on GTA’s foreign buyers

The board’s director of analysis, Jason Mercer, says year-over-year price growth is expected to stabilize at slightly above the rate of inflation but could begin to accelerate if the number of properties for sale remains at low levels.

The real estate board says the number of new listings last month was the lowest for an August since 2010 and down 6.7% from a year ago. The number of residential properties sold in August was down 34.8% from the same month last year.

Also read:

Will Canadian home sales keep slipping?

Townhouse, condo competition heats up in Vancouver

Mortgage balances up, delinquency rates down

Originally published on Advisor.ca
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