The Toronto housing market surged in February, driving the average home price up 16.7% to $910,290.
February was the second month in a row that Toronto posted double-digit home price growth as the number of properties available for purchase continues to dwindle.
Home sales in Canada’s largest housing market surged 45.6% year-over-year across the Greater Toronto Area in February as 7,256 homes traded hands, according to data from the Toronto Regional Real Estate Board.
The number of active listings in Toronto plunged 33.6% year-over-year. The combination of surging sales and a sharp decline in options for prospective homebuyers pushed the average selling price up 16.7% to $910,290.
"Sales growth well in excess of listings growth is once again the norm. This is because the temporary effects of the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test have largely worn off," Toronto Regional Real Estate Board Chief Executive Officer John DiMichele said in a news release.
