It is no secret that Toronto home prices have recently exceeded the expectations of many Torontonians. While a million dollar home was once associated with a grand estate, that million mark doesn’t feel  so substantial these days!

The first week of March officially marked the milestone of the average sale price exceeding the $1 million dollar mark for all home types in the GTA.

This milestone had been anticipated to happen within 2021, but the market didn’t waste any time, blowing that record average out of the park in the first quarter.

Following soon after This Hour Has 22 Minutes, a local comedy show on CBC, aired a parody that comically framed the current Toronto Real Estate Market and the scary reality of current prices.

As space is limited and demand remains incredibly strong ; when it comes to living space in Toronto, it is not uncommon to find rundown homes that exceed the price point many would expect to find a dream home!

In the skit by This Hour Has 22 Minutes,  they open with a listing that was actually quite a lovely condo alternative, that sold for $1 million, comparing it to the likes of a woodshed.

While this may seem like a dig, smaller spaces are not unfamiliar to Toronto dwellers. It is far from uncommon, even in previous years, to find condos at or near a million dollars, so why is it so offensive to see a piece of property with a smaller home at such a price tag?

A million dollar home has gone from an aspirational estate to an average figure in the past decade. And while this statistic may shock and dismay many of those looking to enter the market, it is important to understand why certain properties hold such value.

The pandemic shifted the mindsets of many homeowners and individuals looking to enter the market, with the number of people seeking space and land (big or small) increasing; this shift has really highlighted an issue that was already existing, but further accelerated due to these new trends… Our city only has so much land and buildable space.

The This Hour Has 22 Minutes skit pokes fun (and maybe some shade) at the reality of uninhabitable structures and garages being sold for $800,000+ . And while we too had that initial thought of ” this is absolute insanity” once we took a deep breath and considered that the current structures are practically irrelevant and the value is in the land, it made a lot more sense.

While yes this hilarious video is made to tap into fear of the market and poke fun at the hunger games that is Toronto real estate, it is important to do your research and get educated if you are actively shopping for a home.

While many homeowners entering their first purchase expect a dream home on the first shot; rarely is that a realistic scenario, and it never really has been. They key to real estate is that the best time to get in will always be “10 years ago” but you can do the next best thing and get in now!

As much as we can find some truth and humour in the This Hour Has 22 Minutes ” Solid Steel Modular Home” (Waste Removal Bin). We are here to assure you that within reason, there are suitable options out there for everyone! Check out our Buyers Guide to get your house hunting journey started.