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The average price of a home sold in the Greater Toronto Area was $793,915 in June, an eight per cent decline from a month earlier, according to data released Thursday from the Toronto Real Estate Board.

On a year over year basis, June average prices were still up 6.3 per cent from a year ago. Using the board MLS HPI Composite Index prices were 25.3 per cent on a year over year basis.

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“We are in a period of flux that often follows major government policy announcements pointed at the housing market,” said Tim Syrianos, president of the board in a statement, referencing the province’s 16-point housing plan to cool the market in the Greater Golden Horseshoe. Among key measures were a 15 per cent non-resident speculation tax for the GGH and a rent control for the entire province.

Syrianos said survey results commissioned by the board show many households are very interested in purchasing a home in the near future but some are sitting on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan.