Toronto home prices are rising crazy fast, with the 416 and surrounding 905 still holding a firm grasp as the most expensive region to live in Canada.

The latest Royal LePage House Price Survey released Tuesday shows the average Greater Toronto Area (GTA) home price continued its upward trend through the first quarter of 2022, moving even further out of reach of the average resident.

GTA aggregate home prices increased by 27.7 per cent year-over-year to $1,269,900 in just the first three months of the year, registering the highest single year-over-year gain since Royal LePage began tracking this figure.

Royal LePage increases 2022 home price forecast, following record gains in Q1. The aggregate price of a home in Canada increased 25.2% year-over-year to $856,900. In Q4 2022, the price of a home is expected to increase 15% over the same period last year.https://t.co/O1GqmWfzSQ

— Royal LePage Canada (@Royal_LePage) April 19, 2022

Even stronger gains were recorded in the single-family home market, which experts say is fuelled by a supply and demand imbalance and a scarcity of available homes. The median price of a single-family detached home increased 29.7 per cent to $1,588,900, that is if you can even find one for sale.

But that's just the GTA average, and if you want to buy a house in Toronto proper, well, buckle up, because since the start of 2022, single-family detached home prices inflated by 22.8 per cent to $1,823,900.

Citywide, the situation wasn't quite as grim (for buyers at least) with overall aggregate home prices rising 20.9 per cent year-over-year to $1,309,800.

Condominiums are still the most affordable options for homebuyers despite rising 21.7 per cent to $764,200 across the GTA and 17.9 per cent to $786,700 in the 416. Though, while it may be a cheaper way to enter the housing market, the condo landscape is still a heated battleground.

"The condo market is particularly competitive," said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services, adding that competition is fuelled by "former residents returning to the city due to return-to-office mandates and first-time buyers looking to enter the market at a more affordable price point."

And don't expect price growth to slow any time soon, as Royal LePage expects the aggregate price of a GTA home to jump by 16.5 per cent year-over-year in the fourth quarter of 2022. The company even had to revise its previous end-of-year forecast to acknowledge the runaway strength of the housing market in the region.

A housing bill proposed by the province in March seeks to speed up municipal processes for approving mid-rise residential buildings, while the Ford governemnt has also implemented a 5 per cent hike on its Non-Resident Speculation Tax, now adding 20 per cent to the cost of a home purchased by a non-resident buyer.

Yolevski claims these moves "will take years to produce results," though she commends the province for "taking action to increase supply through needed densification," adding that it "will give young homebuyers hope that they will be able to purchase a property in the future."

But for now, those young homebuyers should probably keep dreaming.