Home prices down slightly from April to May

The average price of a home in the Toronto region was down slightly from April to May, according to numbers from the Toronto Real Estate Board.

Home prices were down an average of $55,604, but were still up 15 percent over May of last year.

The average price for all types of homes was $863,910.

The decrease is being attributed to more supply on the market. However, in a press release, TREB President Larry Cerqua said even with the increase in listings, inventory levels are still low.

TREB says it's still unclear how much of the change could be due to the provincial government's measures to cool the housing market.

The new regulations, including a foreign buyers tax, were announced in April.