Toronto midtown housing prices top $1 million

Average detached home prices in north central Toronto, particularly along the Yonge Street corridor, nudged above the million-dollar mark in the first half of 2007, according to Toronto Real Estate Board and RE/MAX Ontario Atlantic Canada. The area - which encompasses such tony neighbourhoods as Forest Hill, Chaplin Estates, Deer Park and Cedarvale - saw average home prices increase by nearly 17 per cent, from $895,000 to $1,046,500, the largest such jump among 62 Toronto Real Estate Board districts. According to RE/MAX spokesperson Christine Martysiewicz, the increase could be attributed to the three Ls of real estate: location, location, location.