Toronto home prices roar back in February
Canada's largest housing market has posted another month of double-digit home price growth as the number of properties available for purchase continues to dwindle.
Home sales surged 45.6 per cent year-over-year across the Greater Toronto Area in February as 7,256 homes traded hands, according to data released Wednesday by the Toronto Regional Real Estate Board.
Staying true to a recent trend, active listings plunged 33.6 per cent year-over-year.
The combination of surging sales and a sharp decline in options for prospective homebuyers bumped the average selling price up 16.7 per cent 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," TRREB Chief Executive Officer John DiMichele said in a release.