Home prices in Toronto and Vancouver are surging again

Home prices in Vancouver and Toronto have posted big jumps this spring. The Canadian Press

The average price for a detached home in metro Toronto now tops $1.1 million, the city’s real estate board said Wednesday – a figure approaching 20 per cent more than what the same piece of property cost a year ago.

The gain is rivaled by the blistering growth still going on across the country in Vancouver, where prices for a detached home zoomed more than 16 per cent higher last month, to $1.4 million.

MORE: Sturdy as a house of cards? A look at Canada’s property boom

Calls for a market correction in these priciest of Canadian cities continue to swirl in some corners, but so far, historic lows for interest rates and evident demand are keeping conditions red hot. In contrast, centres hit by falling oil prices are cooling quickly (see Calgary in the chart below).

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Total sales in Calgary were lower by 25 per cent last month, while prices continued to moderate. Average prices in Canada’s energy capital edged down by 1.5 per cent year over year, according to that city’s real estate board.

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Here’s a look at the average price of a single-family home in a cross-section of big markets this spring, according to the MLS Home Price Index. (Vancouver and Toronto’s numbers represent the blended price for a single-family home between the metro and suburban areas of each city.)

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