Average price of Toronto homes hits $1 million

8.9 percent increase over year ago, real estate board reports

If you happen to have a millon dollars lying around, you can afford to buy a home in Toronto.

For the first time in the city’s history, the average price of a detached home has reached a $1 million this year, according to the Toronto Real Estate Board.

The average sale price of a home in the city was $1,040,018 in February, which constituted an 8.9 percent increase at around the same time last year, the board says.

Royal LePage real estate agent Catherine Gregory believes the steep price tag will make it harder for first time homebuyers to get into the market.

“It’s really hard to afford [a home] and to put money aside when house prices are at $1 million,” she said.

Gregory says the lack of inventory of single-family homes, coupled with high demand for housing, is causing the average price of a home to skyrocket.