Toronto housing market still on fire

The country’s largest housing market continues to post double digit year over year price increases — likely meaning the national average will get a boost when the figure is released by the Canadian Real Estate Association on Dec. 15.

The Toronto Real Estate Association says the average price of a detached home in the 416 district climbed past the $750,000 mark. Detached home prices rose 12% from a year ago to $776,017. It’s a little cheaper in the suburbs with the average detached home in 905 selling for $540,299, a 10% jump from a year ago.

“We have seen strong annual growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Richard Silver, president of TREB.