Move over Vancouver.
Toronto has edged out the Western Canadian city as the country’s most expensive housing market.
RBC Economics reports that the Greater Toronto Area “took that crown” last month, when the benchmark price for all residential properties in the eastern metropolis rose to $1.26 million.
This exceeded the typical price of $1.25 million recorded in Greater Vancouver in January 2022.
“It’s a stunning development though not entirely surprising considering how hot the Toronto-area market has become, especially since the fall,” RBC economist Robert Hogue wrote.
Based on a report by the Toronto Regional Real Estate Board, the exact figure for the composite benchmark price in January 2022 was $1,259,900.
The number represents a 33.29 percent annual increase.
In comparison, the benchmark price for all homes in Greater Vancouver in January 2022 was $1,255,200.
The figure means an 18.5 percent annual increase over January 2021.
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