Toronto home prices just hit a new all-time record

The price of homes across the country is on the rise, especially in Toronto where home prices have hit a new all-time record cracking over one million dollars.

After speculation earlier this year that this was on the way, a new report by the Canadian Real Estate Association has shown a March 2021 Benchmark Price as $1,007,600 in the Greater Toronto Area.

Home prices in the GTA since 2006.

The data shows that actual sales of homes are up 76.2 per cent from a year ago, as more begin to hit the market and are quickly scooped up by buyers.

Across the country, the average price for a home is $716,828 with housing markets in the GTA and Greater Vancouver heavily skewing that number. Excluding those two markets cuts over $160,000 off the national average. 

"Seeing how many homes were bought and sold in March 2021, one could be forgiven for thinking the market just continues to strengthen, and maybe to some extent it is," stated Cliff Stevenson, Chair of CREA.

"The real issue is not strength in housing markets but imbalance. That demand has been around for months, but with the shortages in supply we have across so much of Canada, a lot of that demand has been pressuring prices."

It  will be interesting to see if home prices continue to rise, or if a bursting bubble is on the way as more and more people consider leaving Toronto.

Owning a home has never been easy, but with prices the way they are, it's the hardest it's ever been.