04/05/2017 08:33 EDT | Updated 04/05/2017 08:45 EDT

Toronto Average Home Price, Including Condos, Nears $1 Million

TORONTO — The cost of Toronto area real estate soared again in March, with the average price jumping 33.2 per cent from the same month last year and nearly five per cent from February.

The Toronto Real Estate Board reported Wednesday that the average price in the area rose to $916,567 last month, up from $688,011 in March 2016 and up 4.6 per cent from $875,983 in February 2017.

The average price of a condo passed the half-million-dollar mark, jumping 33.1 per cent, to $518,879. The average price of a single-family home in the city of Toronto rose 32.8 per cent, to $1.56 million, while rising 34.3 per cent in the suburban 905 region, to $1.24 million.

TREB said that demand for housing in Canada's most populated area continues to exceed supply, one of the underlying causes of the huge price increases.

toronto apartments

Storefronts and apartment buildings in Toronto's Yorkville. (Photo: Benedek via Getty Images)

The real estate board reported that the number of properties listed for sale was up by 15.2 per cent from the same time last year — but the number of sales rose by 17.7 per cent.

The of number of transactions was up from last year, with residential sales volume rising 17.7 per cent to 12,077 units.

Condominium apartments and detached houses had the biggest increases in sales volume.

The MLS home price index, which adjusts for the various types of properties sold, was up 28.6 per cent from a year ago.

— With a file from The Huffington Post Canada

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