Canada's two hottest markets continue to boil

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The Toronto and Vancouver real estate markets pick up steam this spring and neither shows any signs of slowing down.

The Toronto Real Estate Board announced 12,870 home sales in May, breaking the previous record for sales for the month and increasing 10.6% year-over-year.

“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today,” Toronto Real Estate Board President Mark McLean said. “So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices.”

The average home price in the Greater Toronto Area was $751,908 in May, up from $649,648 in May 2015.

Meanwhile, things are just as booming on the west coast.

"Housing demand is exceptionally strong across the southern regions of the province," Cameron Muir, BCREA chief economist, said. "Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.

"Strong employment growth is helping underpin consumer confidence."

British Columbia saw 12,969 homes trade hands in April. That was a 30.3% year-over-year increase and a record for that month.

The average price in the province was $743,640.

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