Have $1.4 million? Here's what you can buy in Toronto

The average house price in the Toronto area has increased steadily for years now, with the average price having recently eclipsed the $1 million mark.

The Globe and Mail's Robyn Urback recently brought attention to one home in Leslieville, Ontario that sold for a whopping $1,460,000.

"Today in Toronto real estate," she wrote, "Yellow mansion. Fits queen mattress. Sold for $1,460,000.

"Land value/building potential is a thing in Toronto, but here's a semi-detached bungalow with no basement that recently sold for $1,080,000."

The two examples reflect a trend that has worried Canadians for years. The Toronto Regional Real State Board recently said that the average home price has surpassed $1 million for the first time, while noting that February home sales reached nearly 11,000—an increase of 52.5 percent jump from the same month in the previous year.

The board predicts that the average selling price in the Greater Toronto Region would exceed $1.025 million.

"It's clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties," said TRREB president Lisa Patel in a statement.

"It's also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022."