While people in and around Toronto have just had to accept (albeit begrudgingly) the region's outrageous home prices for what they are, it's downright maddening to look at what you could buy in other parts of the world for the amount it costs for even a tiny condo here.

It's not just the downtown core, either, with peripheral markets in the province continuing to see prices skyrocket to unseen levels, and homes in even small-town Ontario now on par with L.A. and other larger and far more desirable cities.

Though it's obvious the region's real estate is not actually worth as much as it's going for these days, the extent to which it is overvalued at this point is quite shocking.

Canadian real estate estimated as 38% overvalued on average. In some GTA regions, up to 60-70% overvalued. If you bought a house in the last year or two in Canada, you're screwed.

— PattyCakesXRP (@PattyCakesXrp) May 24, 2022

New figures from BMO (via Better Dwelling) show that while Canadian homes in general are about 38 per cent overvalued, the issue is the worst in Ontario, where home prices are about 55.4 per cent overvalued as of the first few months of this year.

What's most interesting is that in Toronto specifically, this number is lower than the province as a whole — at 41 per cent — while in the surrounding suburbs, it's far higher.

Cottage country areas like Muskoka, the Kawarthas, and Haliburton are approximately 64 per cent overvalued, the bank says, while the suburbs just outside of the GTA have the highest levels of overvaluation.

Properties in "exurb" areas like London, Barrie, Niagara, Guelph and Kitchener-Waterloo — that is, not the suburbs directly around the city, but just beyond — are now around 74 per cent more expensive than what they're worth.

Vancouver and Toronto housing so overvalued crash is coming https://t.co/qevtT43oDp

— Rocketred (@wildcat2013) May 8, 2022

Given how fast home prices have climbed in Toronto and, as a result, around the city, experts say we have been on the verge of bubble conditions for some time now; the city was actually just ranked the second-biggest housing bubble in the world at the end of last year due to its severe overvaluation.

This will, stakeholders seem to agree, eventually lead to a swift downtown and market correction, likely later this year due to a number of factors, even without the government intervention that so many have been demanding to quell out-of-control price acceleration.

I think a better title would have been "Here's how unaffordable the house market is"

— TheHarshTruth (@TheHarshesTruth) May 24, 2022

While B.C., Quebec and Atlantic Canada all join Ontario in having substantially overvalued housing markets, prospective Canadian buyers can still get some bang for their buck if they're willing to move to Alberta or Saskatchewan, which are considered undervalued.