Both homes sales and prices dropped significantly across the GTA last month compared to March 2017.

The Toronto Real Estate Board says sales were down 39.5% as there were over 7,200 transactions compared to a record just below 12,000 a year ago.

The average price of a home was down over 14% to $784,558 last month compared with $915,126 in March last year.

TREB says that’s due in part to the fact sales of detached homes fell more than other types of homes.

The number of luxury homes selling for over $2-million was half of what was reported last year.

While higher borrowing costs, as well as provincial housing measures introduced last April and a new financial stress test for buyers have prompted some to put purchases on hold, the country’s largest real estate board predicts sales will be up relative to 2017 in the second half of this year.