Single-family detached home prices hit $508,500, rising by 11.1%, a trend that Soper said reflected the lack of supply and rising demand for properties in that city.
Toronto and Vancouver still much pricier than elsewhere – but the gap is narrowing
Another trend that jumps off the page from the company’s latest market report: the price gap between the Toronto and Vancouver markets and the rest of the country is slowly narrowing thanks to falling values in those two cities and climbing prices elsewhere.
In 2022, the gap between aggregate home prices in Toronto and Montreal was around $800,000, Soper said. By the fourth quarter of last year it had dropped to $440,000 – and it fell further in 2026’s first quarter, slipping to $375,000.
Even when prices were sky-high in Toronto and Vancouver – for instance, in the period of rampant appreciation during the COVID-19 pandemic – many buyers still felt the time was right to jump into the market amid lower interest rates and higher savings trends.
But while prices have fallen in those cities, they’re still higher than in other Canadian markets and the economic uncertainty generated by the Iran war and tariff turmoil tends to be a bigger factor for buyers there than elsewhere, according to Soper.