Is this the new standard for a $1 million home?

A Toronto detached bungalow just sold for $1,050,000. With an original listing price of $679,900, the home sold for $370,000 over asking price.

A home sold over asking and exceeding the million-dollar mark? Well, that’s nothing new. Both bidding wars and rising home prices are the new norm. And according to to the Toronto Real Estate Board, the market is showing no signs of slowing down, as the average price of a home in the GTA is estimated to surge 10 to 16 per cent in 2017, with an average price range between $800,000 and $850,000. Lowrise home types will experience the strongest price growth, largely due to low supply.

This particular home, however, has raised some eyebrows due its mere size. The tiny home is located at 69 Muriel Ave., at Danforth Avenue and Pape Avenue, and sits on a lot that is 20 ft. wide and 78 ft. long. The buyers will demolish the existing home and replace it with a contemporary home.

The tiny home’s sale is indicative of Toronto’s over-heated market, and also exemplifies one of the many benefits of buying a new construction, where buyers can purchase a home at its listing price, without having to fall prey to massive bidding wars.

The sale of this Greektown tear-down raises the question: Is this what a $1 million home looks like in Toronto? Not necessarily. Here are a few lowrise new builds in the GTA on the market that will give you a little more bang for your buck.

Cornell Rouge by Madison Homes and Forest Hill Homes

Time by Treasure Hill Homes

The Mack by Marlin Spring

Mount Pleasant by Rosehaven Homes