Despite record low temperatures recorded in Toronto this February, home sales increased by 11.3 per cent on an annual basis, according to the Toronto Real Estate Board (TREB). A total of 6,338 home sales were registered through the TorontoMLS system and increases were seen across most major housing types.

The average selling price for all February home sales was $596,163, an increase of 7.8 per cent over February 2014. At the same time, active listings were down 8.7 per cent year-over-year, suggesting increased competition among home buyers.

“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” says Jason Mercer, Director of Market Analysis at TREB.