The Toronto Real Estate Board says home sales in the Greater Toronto Area plunged last month by 20.3 per cent as prices continued to climb.
The board says the average selling price for all properties in May was $863,910, an increase of 14.9 per cent from the same month last year.
Sales of detached homes, which had an average selling price of $1,141,041, fell by 26.3 per cent in the GTA.
The data captures a month during which the Ontario government implemented a 15 per cent tax on foreign buyers in the Greater Golden Horseshoe, a fast-growing region stretching from the
Niagara Region to Peterborough, Ont., retroactive to April 21.
The measures are intended to temper rapid price growth that has given rise to concerns that Toronto has become increasingly unaffordable.
They are also aimed at preventing or mitigating the damage that could result from a housing correction if one were to occur.