The continued demand for detached homes across the Greater Toronto Area drove average existing prices across the city up almost 28 per cent in February, pushing the price of a suburban house beyond $1 million for the first time.
As the debate rages on about foreign speculators and housing bubbles, people on the ground say this boom is a lot more sustainable than many think. Find out more
The average sale price for all categories of housing in the region was $875,983 last month, up from $685,738 a year ago. In the detached category, overall average prices climbed 32.5 per cent from a year ago to $1,205,815 while in the city of Toronto the average detached home is now selling for $1,572,622.
Meanwhile in the suburbs, which cover the 905 area code, the average detached home price soared 35 per cent to $1.11 million from last February, the fastest growth of any housing type in the greater Toronto area.
With calls coming from leading figures like the chief executive of the Royal Bank of Canada to implement measures to cool like the market like in Vancouver, realtors continue to resist those type of changes. The Toronto Real Estate Board maintains its own survey published in January shows just 4.9 per cent of houses being purchased by foreign buyers.