Toronto house prices soar to new record

Welcome to Toronto, a place where many of us can only dream of one day buying a detached a house within (or even near) the city limits. According to a new reports from the Toronto Real Estate Board the average price for home in the Toronto area is now $755,755, up 20.4 per cent since last year.

But if you're looking at detached houses, the average sale price rose 23 per cent since last year, which means the number's now sitting at a whopping $1.29 million, way over the one million dollar mark.

The average price for a Toronto condo, however, is $446,729, or up 6.5 per cent since last year.

And it's not just Toronto that's experiencing growth. Housing prices in the areas surrounding the city are continuing to soar too.

Photo by Houssmax.