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Toronto is on the verge of becoming the second Canadian city where the average price of a detached home hits the $1-million mark.

“We went over that mark a few years ago in Vancouver and now we are going to hit it in Toronto. It’s not inexpensive to own a house in the city of Toronto,” Brookfield Real Estate Services Inc. president Phil Soper said Tuesday after the the company’s annual general meeting.

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The Toronto Real Estate Board released its results for April sales Tuesday and those results show increased pressure on the single family portion of the resale housing market, pushing prices in the old City of Toronto close to $1-million for a detached piece of property.

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“The good news is if you move outside of Toronto proper, into the suburbs, or into the ever important condo sector there is still product available across the price gamut,” said Mr. Soper.

TREB said there were 4,878 detached home transactions across the city proper last month and the average price jumped to $965,670, a 13.2% increase from the average sale price for the same month a year ago. The average price of a semi-detached home reached $702,332 in the city, an 18% increase from a year ago.