It's hard to be an aspiring home owner in Toronto in this day and age. The real estate situation n the city hasn't been favourable as of late, and it seems that it's becoming even worse. The average cost of a detached home in Toronto is now approaching the $1.2-million mark. That's a 12.1 percent increase from March last year, and a new record for the city.

READ ALSO: 10 Canadian Islands You Can Buy That Cost Less Than A House In Toronto

On top of this, it appears that the supply of available listings does not meet the current demand, putting even more of a strain on Toronto's housing market. Both home buyers and realtors can expect more bidding wars and heightened stress.

Accompanying these statistics is the fear that these unforgiving housing rates in Toronto (and in other Canadian cities like Vancouver) will influence higher incidences of household debt.

What do you guys think? Is it time to forget houses and consider a Canadian island instead?

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