Average home prices in Greater Toronto Area (GTA) topped over C$1 million in February 2021, as per Toronto Regional Real Estate Board (TRREB) data on Wednesday. This is a 14.9% year-over-year surge.
The price rise was led by historic home sales, which shot up by 52.5 per cent YoY last month, as per data from GTA REALTORS®.
Housing demand really took off in the second half of 2020 and has continued to soar this year as buyers, confident of their job security, utilized the ultra-low mortgages interests.
The housing board is now warning that the already-hot home market will hit new levels in 2021.
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Laurentian Bank (TSX: LB) Reports Profit
Laurentian Bank of Canada (TSX: LB) reported net income growth of 39 per cent on a year-over-year basis for the first fiscal quarter of 2021.
Laurentian Bank Financial Group posted a profit of C$ 44.8 million, up from C$ 32.2 million a year ago. The diluted earnings per share (EPS) was C$ 0.96 for Q1 FY21, rising from C$ 0.68 in Q1 FY20.