04/05/2016 01:20 EDT | Updated 04/06/2017 05:12 EDT

Toronto House Prices Jump 12% As Single-Family Homes Hit $1.17 Million

Flickr: neilalderney123
TORONTO — The Toronto Real Estate Board says it had record high sales volume and another jump in prices during the first quarter, anchored by a strong March.

There were 22,575 sales through the board's members during the first three months of 2016, including 10,326 in March.

The number of sales was up about 16 per cent, compared with the same month and quarter last year.

For the Greater Toronto Area as a whole, the average selling price for all types of residential property in March was $688,181.

That's up about $74,000 or 12 per cent from the March 2015 average price of $613,815.

The average price within the City of Toronto itself was $699,745 last month, with the average price for fully detached homes at $1.17 million and the average condo price at $416,251.

Photo at top: neilalderney123 via Flickr

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