The average price of a detached home has surpassed the $1 million mark for the first time in Toronto's history. That's a staggering number when you think about it, but it's not really a surprise that our real estate market has reached this point.

Remember when Toronto was ranked the best city in the world to live in? That honour was won based on high rankings across a wide range of criteria, but there's one metric that the city trailed well behind on: affordability. Yes, Toronto is a lovely place to live, but if want to buy a decent home, it's going to cost you a lot of money.

This new mark represents nearly a nine per cent increase over the average price of a detached home as calculated last year. Home sales are up just over 11 per cent this year, while supply is down, which partially accounts for the significant price bump. Better get saving if you want your own white picket fence.