March 3 (Reuters) - Home prices surged in the Greater Toronto Area (GTA) in February compared with the previous year, passing the C$1 million ($791,139) mark, as multiple buyers competed for available listings and condo sales regained steam, data from the Toronto Regional Real Estate Board (TRREB) showed on Wednesday.
Sales of existing homes jumped 52.5% in February compared with a year ago, with the average selling price up 14.9%. That gain was driven by a 23.1% surge in the average selling price of a detached home.
Condominium sales jumped 64.3%, continuing to accelerate after slowing earlier in the pandemic, but prices were down 3.7% from a year ago. The decline was due entirely to Toronto condos, which fell 6.4% in February, with suburban condo prices up 5.4%.
"It's clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties," TRREB President Lisa Patel said in a statement.
FEBRUARY
JANUARY
FEBRUARY 2020 YR/YR PCT CHANGE TOTAL SALES
10,970
6,928
7,193
+52.5%
AVERAGE PRICE C$1,045,488 C$967,885
C$910,142
+14.9% NEW LISTINGS 15,137
9,430
10,469
+44.6% After preliminary seasonal adjustment
FEBRUARY
MTH/MTH PCT CHANGE SALES
13,582
+15.9% AVERAGE PRICE C$1,032,608 +2.3% Sales by type of property
FEBRUARY
YR/YR PCT CHANGE DETACHED
4,943
+43.8% SEMI-DETACHED
977
+53.1% TOWNHOUSE
1,841
+62.5% CONDO APARTMENT
3,116
+64.3 Average price by type of property
FEBRUARY
YR/YR PCT CHANGE DETACHED
C$1,371,791
+23.1% SEMI-DETACHED
C$1,050,820
+20.3% TOWNHOUSE
C$858,025
+17.3% CONDO APARTMENT
C$642,346
-3.7%
($1 = 1.2748 Canadian dollars)