By: Iris Khodkar

Greater Toronto Average Home Price Surpasses the One Million Dollar Mark

Tags: GTA, Sales, real estate, buy, sell, hot market, COVID, market watch, market analysis, detached, semi, townhouse, condominium, Buy, Sell, Toronto, York Region, Halton Region, Durham Region, iris, iris khodkar, iris khodkar group, re/max, re/max west realty inc.

According to the Toronto Regional Real Estate Board (TRREB), February smashed another record-breaking month for real estate in the Toronto Region! Home sales increased 51% year-over-year with 10,970 properties changing hands. New listings grew 43% year-over-year with 15,137 homes listed last month. Similar to January, the housing market maintained it’s seller’s market territory with a sales-to-new-listings ration of 72%. This means that there was strong competition among home buyers last month. It is likely that job security, low borrowing costs likely contributed to this strong demand for homes.

The average home price was over the million-dollar mark in 3 Toronto markets, and hit a new record in 4 markets. The average home price in York Region surpassed 2017 high for the first-time last month to $1,206,235. It also marked a 19% increase year over year. There were 2,023 sales, accounting for a 57% increase year-over-year and 2,974 new homes were added to the market- a 44% increase year over year. Every municipality in York region, with the exception of Georgina, noted an average homes prices over one million dollars. King recorded the highest average home price at $2,110,214- a 55% increase year over year.
In Halton Region, the average home price went up to $1,212,303 marking a 24% improvement over the previous year. Within the region, the average home price in Oakville retained the top spot at $1,456,537- a 23% jump from last year. In Peel Region, home prices also hit a new record to an average of $1,023,552- a 19% increase year over year. Home sales increased 50% annually while new listings grew 54% year over year.

There was a 63% increase in condo apartment sales and a 60% increase in condo townhouse sales in the Toronto Region. There were 2,167 condo apartment sales. Condo listing grew 39% year-over-year and 11% month-over-month. The average condo apartment price in February was $676,837. Condo apartment sales grew 54% annually in Peel and a staggering 120% in York Region. Average condo prices rose 3% annually to $545,427 in Peel Region and %601,331 in York Region.