Toronto has finally broken the 1 million dollar barrier for the average price of a detached home.
The housing market continues to explode. 6,338 home sales through the TorontoMLS system in February 2015. An 11.3 % year-over-year increase.
The overall count of active listings at the end of February 2015, was down by 8.7 % compared to last Feb. This has lead to more competition between buyers. The overall average selling price for February 2015 home sales was $596,163 – up by 7.8 % over same time last year. Driving this increase was the detached market segment.
In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month.