The average price for real estate in Toronto and its surrounding cities and towns hit a record high in February and has been falling ever since.

The latest sales data from the Toronto Regional Real Estate Board (TRREB) for May showed a combined average for all dwelling types in all 33 areas TRREB monitors of $1,212,806. In February, that average hit a record of $1,334,544, marking a 9.1 per cent decline in just three months.

TRREB’s area includes 31 cities and towns, with Toronto broken down into three zones — Central, East and West. Only Toronto Central and West have seen the average price for all dwelling types grow since February, with all the rest declining between 3.5 to 36 per cent over that time.

Price declines have varied across the GTA. King in York Region has seen the biggest decline in average prices over the past three months at 36 per cent, with Richmond Hill — also in York Region — seeing the lowest at 3.5 per cent.

Continue to read on: TORONTO.com