03/04/2021

Home prices surged in the Greater Toronto Area (GTA) in February compared with the previous year, passing the C$1 million ($791,139).

According to a release Wednesday from the Toronto Regional Real Estate Board (TRREB), the average selling price was up by 14.9 per cent 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 per cent but average prices dropped 3.7 per cent to $642,346. Townhouse sales climbed 62.5 per cent and prices increased 17.3 per cent to $858,025.

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