Average price of Toronto detached home shoots past $1 million

Home sales in February were surprisingly hot — even in the face of record-low temperatures — as sales climbed 11.3 per cent over the same period a year ago, and so did prices, with the average detached in the City of Toronto exceeding the $1 million mark.

Prices for all housing types — from condos to detached homes — were up 7.8 per cent in February across the GTA, bringing the average sales price to $596,193, according to figures released by the Toronto Real Estate Board Wednesday.

But detached homes in the 416 region remained in particularly high demand.

Sales were up a stunning 16.9 per cent, year over year and prices continued to climb into the stratosphere. While the average sale price for a detached in the City of Toronto briefly touched on $1 million last April, it had quickly dipped down by the end of that month to $965,670. It stayed roughly there — below $1 million — right up until now.

But unrelenting high demand coupled with a shortage of listings — the supply of homes for sale was down 8.7 per cent in February, year over year — continues to fuel bidding wars which show no signs of letting up.

And it’s still a few weeks until peak spring market.

“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, the real estate board’s director of analysis in a statement. Read full article >>

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