Toronto, Vancouver prices soaring says Re/Max

A new report from Re/Max shows that first-quarter home prices in Toronto and Vancouver increased sharply.

In Vancouver, a seven per cent rise in prices in a year means an average sale price of $874,869, while in Toronto there has been an eight per cent increase to an average of $594,827.

The higher prices have also benefitted nearby areas as workers opt to live a bit further out to get more for their money.

For instance, sales in Victoria, B.C. have soared by 23 per cent in the past year with average selling prices up two per cent to $569,070, while Hamilton-Burlington has seen a rise of eight per cent to $443,706.

The report also shows that there are more single buyers of homes nationwide. 
 

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