Average cost of detached Toronto home hits $1.3 million

Want to buy a house in Toronto? Good luck. Our local real estate market is still a hot one, and as the Toronto Real Estate Board reports, in October 2016, realtors in the GTA made a record of 9,768 sales, a figure that's up 10 per cent since October 2015.

But what's even more striking is that the average price of a detached house in Toronto is now sitting just over $1.3 million. Year over year, that number is up almost 22 per cent.

According to TREB, it's a seller's market since demand for homes still far outweighs the supply of properties on the market. "New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth," said TREB's director of market analysis Jason Mercer.

"This meant that seller's market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments."

Photo by GTA Tours.