Average price for suburban Toronto house passes $1 million

We all know detached houses in Toronto are crazy expensive, but they're not too much cheaper in the suburbs.

As Bloomberg writes this morning, the average price for a detached, single family house in the 905 area is now $1.1 million, up 35 percent since February 2016.

According to the latest Toronto Real Estate Board report, the average price for a detached house in Toronto also passed another benchmark, hitting $1.57 million.

The average selling price for all houses, including condos and townhouses, is $875,983. That marks a year over year increase of 27.7 percent.

While sales were up across the board, the number of new listings fell by 12.5 percent since last year.

"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis," said Jason Mercer, TREB's director of market analysis in a news release.

"Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue."