02/06/2018 08:14 EST | Updated 02/06/2018 08:14 EST

Toronto Home Prices Are Now Lower Than They Were A Year Ago

Sales started last year on a hot streak.

A real estate sold sign hangs in front of a west-end Toronto property Nov. 4, 2016.

TORONTO — The number of homes sold in the Toronto region in January was down sharply compared with a year ago.

The Toronto Real Estate Board says Greater Toronto Area realtors reported 4,019 home sales for January through the MLS system, down 22 per cent from a record 5,155 a year ago.

The average selling price was $736,783, down from $768,351 a year ago.

The move lower came as the number of new listings increased to 8,585 compared with 7,314 new listings entered in January 2017.

2017 started on a hot streak

Toronto home sales started last year on a hot streak, but slowed after the Ontario government moved to cool the market.

A new stress test for homebuyers who do not require mortgage insurance that came into effect this year and higher mortgage rates have also weighed on the market.