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Toronto Home Prices Hit C$1 Million With Bidding Wars Picking Up
- Suburbs lead the way, but condo market also gets a sales jolt
- Canada’s largest city joins Vancouver in million-dollar club
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The average price of a home sold in Toronto breached C$1 million for the first time in February, with gains accelerating in the suburbs around Canada’s largest city.
Prices in the Toronto region shot up 14.9% from the year before to C$1.05 million ($830,000) as bidding wars broke out on properties that came up for sale, according to a release today from the Toronto Regional Real Estate Board. It’s the second Canadian city to join the million-dollar club after Vancouver.