The average price of a Toronto home is now just shy of $1 million

Toronto's real estate market continues to rebound off the charts as we move further into 2020, with both home prices and sales numbers jumping drastically last month.

The Greater Toronto Area posted a staggering year-over-year sales increase of 45.6 per cent for February of 2020, up from a 10-year low in February 2019.

A total of 7,256 residential transactions were reported through MLS last month, according to the Toronto Regional Real Estate Board (TRREB), representing a month-over-month increase of roughly 14.8 per cent after preliminary seasonal adjustments.

More stunning than sales figures, however, are the average sale prices.

The average price across all home types in the City of Toronto is now just shy of seven figures. Image via TRREB.

As TREBB revealed in its monthly market figures report for February 2020, the average selling price for all home types across the GTA is now $910,000 — up 16.7 per cent from the $779,791 we saw at the same time last year.

Within the City of Toronto proper, the average selling price of a home is even higher at a staggering $989,218.

That's right, homes in the 416 are now going for just $10,000 short of seven figures, on average, which is quite a jump from last February's average selling price of $840,761.

And we're not only talking about detached houses here, either, but all home types.

The average price of a detached home in the 416 last month came in at $1,485,304, while condos shot up 18 per cent to reach an average selling price of $722,675.

Sales and average price by major home type in Toronto and the GTA as of February, 2020. Image via TRREB.

"As market conditions tightened over the past year, competition between buyers has clearly increased," reads TRREB's most-recent statistics report, released on Wednesday.

"This resulted in a further acceleration in year-over-year price growth in February... Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments."

TRREB President Michael Collins cautioned in a release on Wednesday morning that, while the real estate market is expected to be hot across the GTA throughout 2020, "the annual pace of sales growth experienced in February will likely not be sustained throughout the year."

This, he says, is "because we will be making comparisons to much stronger sales results reported after the first quarter of 2019."