Toronto region housing prices are continuing to decline with another month-to-month drop looking likely at the end of June.The average price of a re-sale home was down in the first part of June to $808,847 — about $57,000 less than May’s average, according to mid-month figures from the Toronto Real Estate Board (TREB). Prices still rose 6.7 per cent year-over-year, however.Read more: Rising debt, sizzling housing markets leave economy more vulnerable: Bank of CanadaMontreal housing market heats up as Toronto shows signs of coolingThe TREB statistics gathered from June 1 to June 14, showed a 56.2-per-cent drop in the number of sales across the region, with the sharpest declines in detached houses and the 905-area communities around Toronto.Condo sales saw a slightly less dramatic decline with 39.2 per cent fewer transactions and a 25.5-per-cent year-over-year price appreciation. The average sale price of a condo in the first part of June, $527,749, was $3,910 lower than the May month-end average. The mid-month figures aren’t considered an “official” release and TREB does not comment on them. They do not include a breakdown by municipality or a benchmark indicator.But Toronto-area realtors told the Star they’re not expecting a turnaround before TREB’s June month-end report.The end of June is traditionally slow on sales, but the busiest time for transaction closings, said Royal LePage Your Community realtor Shawn Zigelstein, who specializes in the York Region market, which has been particularly hard hit by an influx of supply and a drop in sales.“Volume is down. We expected that and we did see another increase in listings,” he said.“What we’re going to see is people who are serious and want to sell their house, they’re going to stay on the market and they’re still going to make more money than they would have last year but they’re not going to get into that frenzy that ...
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