Toronto home prices break new records in September

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For many, the possibility of owning a home in Toronto is a pipe dream as the city's real estate market continues to steamroll forward. In September, the average price for a detached house hit $1,053,871, according to the Toronto Real Estate Board. As the Financial Post reported this morning, this is a 10.7 per cent increase since last year.

This isn't all that surprising considering we hit the $1 million mark back in March. But, as the Globe and Mail notes, these prices will continue to climb for the remainder of this year and into 2016. That's likely because there are fewer listings available in comparison to last year. Although, this supply is starting to grow.

Real estate in other parts of the GTA is also soaring. In York Region, the average price for a detached home is up 14.7 per cent in comparison to September 2014. While a detached home may be out of reach for many, there's still condos and townhouses, which are comparably much more affordable.