It has been a rough year for Brampton real estate since the market peaked in March 2017.

Monthly tracking data released by the Toronto Real Estate Board (TREB) last week showed both total transactions and the average sale price for all types of dwelling fell significantly last month compared to a year earlier.

Home sales in the Flower City fell by 36.6 per cent year-over-year with 702 sales last month compared to 1108 in March 2017.

The average sale price for all types of dwellings fell 9.7 per cent over the past 12 months, from $765,156 in March 2017 to $690,888 last month.

While up from its 12-month low in July 2017, where the average price for all types of dwellings fell to $640,946, the market has most definitely slowed significantly compared to the same time last year.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak,” said TREB president Tim Syrianos in his monthly analysis.

“The effects of the Fair Housing Plan, the new OSFI mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year,” he added in the report.

Three of the four home sectors monitored by TREB saw decline in average price, with year-over-year sales down across the board.

The hardest hit sector was the detached home segment of the market, which fell 10.6 per cent from an average sale price of $891,761 in March 2017 to $796,656 last month.

Semi-detached homes also recorded year-over-year declines coming in at $628,380 in March compared to $688,254 the same month last year — a drop of 8.7 per cent over the past year.