![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2018\/03\/JPbombales-9807-compressed.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n After reaching record heights in the spring of 2017, prices have cooled considerably for the once red-hot GTA single family housing market.<\/p>\n How much? Well, in February prices were down 12.4 per cent year-over-year, falling from $876,363 to $767,818. The Toronto Real Estate Board credits the Ontario government\u2019s foreign buyer tax, a new federal mortgage stress test and an interest rate hike for the slide.<\/p>\n But how far will prices fall before they begin to stabilize? According to CIBC senior economist Benjamin Tal, not too much farther.<\/p>\n\n \u201cWhat we\u2019re seeing now is prices coming down from where they were in the spring of 2017,\u201d he tells BuzzBuzzNews. \u201cPrices will likely fall farther for the time being, but most of the decline has already happened.\u201d <\/p>\n Tal says that while the single family home market hasn\u2019t adjusted fully, the \u201cvast majority\u201d of changes have already occured.<\/p>\n \u201cI think over the next few months we\u2019ll see things stabilize,\u201d he says. \u201cPrices won\u2019t go up dramatically, but they won\u2019t continue to move downwards either.\u201d <\/p>\n It\u2019s a prediction echoed by TREB director of market analysis Jason Mercer, who predicted earlier this month that prices would begin to rise in the summer.<\/p>\n