Even with the average price of a detached home moving past the $1 million mark for the first time in a calendar month, the Toronto real estate market still experienced a busy February, with 6,338 home sales reported through the Toronto MLS system. This represents an 11 percent increase over the same month in 2014.

According to the Toronto Real Estate Board (TREB), large annual increases in transactions were noted for most major home types in the city of Toronto and surrounding GTA regions.

The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015, was down by 8.7 percent compared to the same count in February 2014. This means that market conditions became tighter, leading to more competition between buyers.

The overall average selling price for February 2015 home sales was $596,163– up by 7.8 percent compared to the average for February 2014. Driving this increase was the detached market segment. In the city of Toronto, the average selling price of a single-detached home was $1,040,018, up nearly 9 percent from February 2014.