Greater Toronto Area Housing Market on Fire as Average Home Prices Surpasses $1 Million

The Toronto Regional Real Estate Board says the housing market remained on fire in February with the average price surpassing $1 million for the first time.

The real estate board says February home sales reached 10,970, a 52.5 percent jump from the 7,193 homes sold in the same month last year.

The average selling price was up by 14.9 percent to $1,045,488, an increase from $910,142 in 2020 as price changes were higher in the 905-area code than in 416.

Condominiums led the sales volume, increasing 64.3 percent but average prices dropped 3.7 percent to $642,346. Townhouse sales climbed 62.5 percent and prices increased 17.3 percent to $858,025.

Semi-detached sales increased 53.1 percent and prices grew 20.3 percent to $1,050,820. Detached sales increased 43.8 percent to 4,943 and prices rose 23.1 percent to $1,371,791.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties,” said TRREB president Lisa Patel.

The number of new listings surged 44.6 percent but active listings were down one percent to 8,727.

“It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022.”

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