The average price for a detached home in the 416 area was more than $1 million in February, the Toronto Real Estate Board (TREB) said on Wednesday, which is a year-over-year increase of almost nine per cent.

This is the first time the price has been that high for a calendar month.

“Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA,” TREB president Paul Etherington said in a release.

“This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment in which they can live.”

It’s likely not a coincidence that after a drop in mortgage rates in February, following the Bank of Canada’s surprise 0.75 per cent interest rate reduction, that the real estate market had a busy February.

The Toronto Real Estate Board’s monthly update shows 6,338 sales in the GTA, which is up by a substantial 11.3 per cent compared to a year ago.

Buyers found fewer ‘for sale’ signs on front lawns, and the supply of homes available was down by 8.7 per cent by the end of February, leading to more buyer competition.

The entire GTA was strong, with the average home price selling for $596,163 — up 7.8 per cent compared to February of 2014, driven by the detached home market.

“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA,” Jason Mercer, a director at TREB, said.

Condo sales activity jumped 10 per cent, with the average price in the GTA at $355,623.

By Mike Eppel and Toronto staff