The dizzying upward spiral of home prices in the Greater Toronto Area registered a year over year increase in February of 27.7 per cent. The average selling price of a home in the GTA in February was $875.983. The average price in the City of Toronto rose 19.2 per cent to $859,186 and the average price in the 905 area climbed nearly 33.1 per cent to $885,508. Meanwhile, the MLS HPI composite benchmark price for the GTA was up by 23.8 per cent compared with February 2016. The Toronto board says there were 8,014 home sales through the MLS system last month, up from 7,583 a year ago. The increase came as new listings in February totalled 9,834, down 12.5 per cent compared with a year ago.