The housing markets in Toronto and Vancouver remained red-hot in February, setting sales and price records in both markets.
The Toronto Regional Real Estate Board (TRREB) said the housing market in Canada’s largest city saw the average price for a single-family home surpass $1 million for the first time in February.
The real estate board also said that February home sales in Toronto reached 10,970, a 52.5% jump from the 7,193 homes sold in the same month of 2020. The average selling price rose by 14.9% to $1,045,488, an increase from $910,142 in 2020 as price changes were highest in the suburban 905 area code.
Condominiums led the February sales volume in Toronto, increasing 64.3% but average prices dropped 3.7% to $642,346. Townhouse sales climbed 62.5% and prices increased 17.3% to $858,025.
Semi-detached home sales increased 53.1% and prices grew 20.3% to $1,050,820. Detached sales increased 43.8% to 4,943 and prices rose 23.1% to $1,371,791. The number of new listings in Toronto surged 44.6% in February.
Vancouver Home Sales Double Between January and February
Meanwhile, the Real Estate Board of Greater Vancouver said the market is heating up so fast that home sales in the West Coast region doubled between January and February and have now climbed by more than 70% since last year.
The Vancouver real estate board said February sales in the B.C. region totaled 3,727, a 73.3% increase from the 2,150 sales recorded in 2020 and a 56% spike from the 2,389 homes sold in January of this year.
February sales were so strong in Vancouver that they were 42.8% higher than the month's 10-year sales average. The real estate board said the region saw 5,048 new listings in February, up from 4,002 in the year earlier period.
The average home price in Metro Vancouver reached just over $1 million in February, a 6.8% increase from the same month of 2020.
