A slump in home sales in the GTA continued last month, continuing a trend that started in the spring.
The Toronto Real Estate Board says that sales were down by 40 per cent year-over-year in July.
The board calls it a pyschological effect that is still a factor after the province brought in measures to cool the market.
There were 5,921 transactions last month, while 14,171 homes were listed.
The numbers also show that prices continue to fall this summer. For the third month in a row, the average price in the GTA has dropped.
Across all types of homes, it is now $746,000, which is up slightly from this time last year.
Detached homes in Toronto had an average selling price of $1.3-million last month, up 8.5 per cent from the same month last year.
In March, the average selling price of a detached home in the 416 was higher at $1.56-million.
In April, the Wynne government introduced a housing plan that placed a 15 per cent tax on foreign buyers and expanded rent control rules.