Toronto average home price up to nearly $1 million: Report

The Toronto Regional Real Estate Board says the area rang in the new year with a flurry of home purchases that pushed the average price up to nearly $1 million.

The real estate board says January home sales reached 6,928, a 52 per cent jump from the 4,546 homes sold in the same month last year.

The average selling price was up by 15.5 per cent to $967,885, an increase from $838,087 in 2020.

The number of listings also climbed to 9,430, a 20 per cent spike from last year’s 7,848.

Looking ahead, the real estate board expects the overall average selling price for all home types will eclipse $1 million for the first time, reaching $1.025 million in 2021.

The board predicts home sales will total 105,000 in 2021 and new listings will hit 160,000, up from 95,115 and 156,755 respectively last year.