The price of a single-family home sold in the Greater Toronto Area increased by more than 1% to $521,500, according to data released on Tuesday by the Canadian Real Estate Association.
The average sale price for a detached home in the GTA last month was $1,037,000.
On average, that was the second-highest monthly increase since April of this year.
The median price for single-home homes in the province last month stood at $1.9 million.
Sales in the city, where home prices have soared by more on average than any other metropolitan area, were down for the year.
There were more than 17,000 sales in Toronto in February.
The city’s population is about 1.2 million, which makes it the largest in the country.
But it is also the poorest in Canada.
It’s home to about 1,000 people, or 0.8% of the country’s population.
It was the third straight month the number of new listings for homes sold in Toronto topped 1,500 for the month.
“We’re seeing the rebound in the market as more buyers are looking for homes,” said Tom Ritchie, president and CEO of the association.
In the Greater Vancouver area, which includes Vancouver and Surrey, the number rose to 1,824, and the median price increased by 3.7%.
“It’s been a strong month,” said Peter Scholten, president of the Vancouver Real Estate Board.
“The number of listings for detached homes in Greater Vancouver rose from 1,892 to 1.917 in February.”
The number one reason for sales was the increase in the number from March, when there were 2,939 listings for houses.
That’s an increase of 24.5%.
That was followed by a 10.3% increase in March from March 2016.
The number of single-unit listings increased by 6.9% in February, according the association’s data.
The association’s statistics for March showed an increase in sales in March of almost 40%, with the number in the three months ending March up 11.6%.
The association’s quarterly average sales price for properties in the Toronto area jumped by almost 3.5% to a record $542,500.
That was the sixth consecutive month the average price was above the $525,000 mark.
The average sale prices in the two Vancouver areas rose by almost 11% over the last year to a new record of $724,000 in February and $1 million in March.
The difference between those two areas is about $70,000 a month, according Ritchie.
This year’s sales numbers are likely to be slightly higher than last year, because they include sales in the first quarter of 2018, said Scholsten.
In the Toronto market, which is the biggest in Canada, sales rose by 9.7% last month compared with a year ago.
The region is still struggling with the effects of the wildfires in Northern California, but the sales are up because there are more buyers than there were a year and a half ago, he said.
Ritchie said that the biggest factors behind the increase were the economic downturn and the new housing supply in the region.
For condos, the numbers were mixed.
Sales were up 6.7%, or $1 in February to $1-million.
The prices in Toronto and Vancouver were down by 3% and 5%, respectively.
As for the number and median price of single homes, it was the fourth straight month that the number was higher than the median.
One of the biggest concerns for homeowners in Toronto is the possibility of rising rents.
There have been a number of measures in the past few years to slow the rise in prices.
For example, the province introduced a limit on how many people can own a home, with the goal of keeping prices down.
And in the last month, the city raised its minimum wage to $15 per hour.
Ritchie said it was too soon to tell if the increase will help the housing market.
He said there are still plenty of factors that are keeping prices in check.
He said some people may be staying put because they need to make ends meet.
Meanwhile, the market has continued to rally in Vancouver, which saw its number of properties rise to 2,093 from 2,082 last month.
That is the second consecutive month that it rose above the 1,300 mark, which would mean it has reached the mark for the fourth consecutive month.
It has also risen in some other major cities, including Toronto, Vancouver, Edmonton and Calgary.
Sales in Calgary increased by about 2.3%, or about $14 in February’s figures to $723,000, compared with