UPDATE: Number of sales, cost of detached home in 416 drop

The Toronto Real Estate Board says the number of residential properties sold in August was down 34.8 per cent from the same month last year, but the average price was up modestly.

The average price for all home types was $732,292, still up three per cent 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 per cent tax on foreign buyers, aimed at improving home affordability.

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 per cent from a year ago.

Looking at the numbers, the average price for a detatched home in Toronto is still above a million dollars, at $1.191M. In the 905, the average for a detatched home has dipped just a little to $906,000.

Year over year, prices for all homes combined have gone up more than 14%.