Housing prices in Toronto and Vancouver continued to skyrocket in May, with the average price of detached homes hitting $1.15 million in Toronto and $1.4 million in Vancouver last month.
In its latest report, released Wednesday, the Toronto Real Estate Board says the average Greater Toronto home was priced at $649,599 this May, 11 per cent higher than this time last year.
For detached houses in the "416," the average price broke the $1.1-million dollar mark, hitting $1,115,120, the report said. That’s up 18.2 per cent since last year.
Home sales in the Greater Toronto Area were also up by 6.3 per cent, with 11,706 sales reported in May 2015, in comparison to 11,013 in 2014.
According to the report, "record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth."
The report did note a drop in available low-rise homes in the City of Toronto, which, it said, caused a decline in detached home sales in the city. However, that dip did not affect the record sales, it said.
