An abnormally cold February wasn't able to slow Toronto’s surging real estate market down, reports the Financial Post.

Recently-released statistics from the Toronto Real Estate Board (TREB) indicate that the average sale price for in February was $553,193, marking an 8.6 per cent year-over-year increase. Prices rose approximately 5 per cent from January’s reported average of $526,528.

Additionally, total monthly sales increased by 2.1 per cent to 5,731, as compared to last year. New listings of condos in the Greater Toronto Area (GTA) also increased in February, jumping 12.5 per cent from the same month in 2013.

Those looking for new homes were faced with a decreased inventory size, especially for semi-detached houses or townhomes. Listings of semi-detached homes dropped by 2 per from last year, while townhome listings fell 5.3 per cent.

Single-family homes also showed signs of an upward trend last month, with prices rising by 0.1 per cent.

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