[URBAN NOTE] "Toronto, Vancouver house prices soar amid spring rush"

[rfmcdonald]

CBC reports on the housing crunch in Toronto and Vancouver.

The mad rush to buy a home continued in the Toronto and Vancouver housing markets in May, despite a shortage of listings and housing prices that have risen sharply in the past year.

In the Greater Toronto Area, the average selling price for all home types rose by 11 per cent in May, compared with the same month the year before, to $649,599. In Greater Vancouver, the composite benchmark price for all residential properties was $684,400, a 9.4 per cent increase.

In Toronto, a record 11,706 homes changed hands, a 6.3 per cent increase since last year, while in Vancouver, 4,056 homes were sold, a 23 per cent increase. Both cities saw a five per cent drop in listings.

The average or composite price masks the intense competition for detached homes in both markets.