The hot Toronto housing market continued into February as the average home price surpassed $1 million for the first time.
According to the Toronto Regional Real Estate Board, home sales reached 10,970 last month, which represents a whopping 52.5% increase from 7,193 homes sold in the same month last year.
The average selling price for all home types was up 14.9% to $1,045,488, an increase from $910,142 in 2020. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20% in all three cases.
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