Toronto's Million Dollar Houses

03 June 2015

Toronto's Million Dollar Homes (And What it Means)

It's official,  the average price of a detached house in the City of Toronto is now over One million dollars!

Is this big news? For people who think we have a real estate bubble it is. However, for those who are in the real estate market every day, it's no big deal.

The reality is there is a limited supply of detached housing in Toronto. The supply is shrinking everyday and everyone wants to live downtown. While 2015 will be a record year for sales in the GTA, house sales in Toronto will actually be lower than in the past. This is just because there is very little supply.

Most cities around the world don't have detached housing downtown. The best you can find is row housing. In Manhattan, you can expect to pay over 5 million dollars for a brownstone. In London, that would be 5 million pounds! We need to keep in mind that the price of detached housing in Toronto is only a statistic and does not reflect what is really going on in the Toronto Real Estate Market.