Average price of a condo in Toronto passes 400K

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It's been a record breaking month for the Toronto real estate market. Let's think of some of the recent milestones reach of late. Well, we're the hottest luxury housing market in the world and the average price of a detached home soared over the million dollar mark. In fact, the average price for all homes surpassed the 600K mark just last month.

Condo prices are the latest to hit a new benchmark, with the average price exceeding $400K for the first time. That comes as part of the strongest month of sales for the local real estate market in its history. Demand far outweighs supply, and first time buyers are flooding the market with offers.

It's times like these that I wish someone would have talked me out of going to grad school (seriously, don't go to grad school if you ever want to own property). In any case, the roaring Toronto real estate train shows few signs of slowing down as those with enough money for tickets scramble to get on board.

Photo by Neil Ta