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The affordability of a home in Toronto moved a little further out of reach in February. Data from the Toronto Real Estate Board shows the average selling price of a detached home rose above $1-million last month. “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 per cent compared to the same count in February 2014. This means that market conditions became tighter, leading to more competition between buyers,” the Real Estate Board said in a release. According to BNN.ca, the overall average selling price for February 2015 home sales in the Greater Toronto Area – which includes the outer suburbs of Markham, Brampton, Missisauga, Brampton and Oakville – increased $596,163, a 7.8 per cent compared to the same period last year. While the selling price of a detached home rose above the $1-million mark in Toronto, the average selling price for condos and town homes in the 416 area dropped.
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