The average price of a detached home in Toronto (416 area code) surpassed the $1 million mark for the first time this past February, coming in at $1.04 million.

As both detached and semi-detached housing prices rose in the 416 area, condo and townhouse prices dropped slightly while homes in the 905 area rose for all housing types.

Along with prices, the number of sales also increased this past February over last. Toronto Real Estate Board President Paul Etherington confirmed there were 6,338 home sales in February 2015 – over 11 percent more than in February 2014. Large annual increases in transactions were noted for most major home types both in the City of Toronto and surrounding GTA regions.

With all that sales activity, the overall number of homes for sale by the end of February 2015 dropped by 8.7 percent compared to the same time in February 2014, resulting in tighter market conditions and more competition between buyers. “The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Director of Market Analysis.

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