Mar
05
Million-Dollar Home Contagion Spreads to Toronto Suburbs
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First time average suburban detached home passes C$1 million
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Active listings cut in half in February from last year
Toronto home prices jumped more than 20 percent in February for the sixth straight month as listings dried up, pushing the price of a suburban house beyond C$1 million ($750,000) for the first time.
The average home in Canada’s biggest city, including condominiums, detached and townhouses, climbed 28 percent to C$875,983 last month from the prior year as active listings were cut in half to 5,400, according to a report from the Toronto Real Estate Board released Friday.Sales rose 5.7 percent to 8,014 deals…
