Figures published today by the Toronto Real Estate Board said that the annual price growth continued to be driven by the tight low-rise market segment, with double-digit growth reported for detached and semi-detached homes.
"With tight market conditions continuing to prevail in most parts of the Greater Toronto Area, especially where low-rise home types are concerned, it is no surprise that we continue to see strong competition between buyers leading to robust annual rates of price growth," said Jason Mercer, TREB's director of market analysis.
TREB also reported a 14.9 per cent increase in the number of sales entered in the Toronto MLS system during the first two weeks of February compared to the same period in 2014.
There was a total of 3,120 home sales during the first 14 days of February 2015.
The number of new listings entered into the system was also up on a year-over-year basis, but by a lesser annual rate of 3.5 per cent.
"As households continue to take advantage of the great diversity of homeownership options in the Greater Toronto Area, home sales have continued to trend upwards," said Paul Etherington, president of TREB.
"While home prices are higher compared to this time last year, borrowing costs are lower. Homebuyers are still finding affordable options to meet their housing needs."
The average selling price for a house in Toronto for the first half of February 2015 was $602,110, a 10.3 per cent increase compared to the average reported for the same period in 2014.