$2 million homes in Toronto now considered average

It's no surprise that the Toronto housing market continues its upward trajectory. But with the Toronto Real Estate Board's recent announcement of a major listings shortage, just how much money does one need to afford a house? Quite a bit it seems.

Sotheby's International Realty Canada reports that houses that go for $1 million to $2 million aren't even considered luxury anymore. It's now the average one should expect to pay for a conventional single family home

Sales for properties that fall into this price range have jumped by 38 per cent in 2014 alone as compared with the 2013 stats. According to Sotheby's, Toronto beat out the growth thresholds for every other major Canadian city.

The trend is predicted to continue into 2015 as well as demand continues to overshadow supply. For those sitting on the sidelines, this housing bubble may not be popping anytime soon.

Writing by Jenny Febbraro. Photo of 297 St. Clair Ave East.