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The average price for a home in Toronto has hit just under $1 million

Real estate experts have been expecting the Toronto market to, in characteristic fashion, continue heating up this year despite the impacts of the pandemic, and so far, their predictions appear to be right.

With the average price of a detached home in the city climbing to a staggering $1.5 million in the fall and prices continuing to grow far faster than household incomes, it's no wonder that Toronto was just named one of the five least affordable cities in the world, with the price of a residential property now, on average, just shy of $1 million.

According to February numbers from the Toronto Regional Real Estate Board (TRREB) compiled by local real estate salesperson Ivan Gorbadei, the average cost of buying any type of home in the city is $996,000.

Predictions for 2021 made by the board last month stated that this figure will likely surpass $1 million in the GTA for the first time ever this year, reaching $1,025,000 at some point in 2021 — but with sales prices in Toronto proper already so close to that amount in February, that milestone may come even sooner than expected.

Home prices in other parts of Southern Ontario were even higher, at an average of $1,024,000 in Peel, $1,213,000 in Halton and $1,206,000 in York.

Breaking down last month's numbers by housing type, it seems that detached homes in T.O. are now going for about $1,683,000, while condos are averaging around $677,000, having made a quick recovery from a bit of a slump that saw prices for condo units actually fall year-over-year due to the health crisis.

Condo inventory levels have also returned to normal after months of low sales volumes and high vacancy rates.

It's apparent that despite the widespread economic blow of COVID-19, the real estate market in locales as notoriously pricey and competitive as Toronto is pushing on unhindered, pricing out all those who don't have an annual income in the high $100,000s.

Lead photo by

Fareen Karim

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