With their exorbitant real estate markets and high cost of living, Toronto and Vancouver have rightfully earned the reputation of being Canada's most expensive cities.

If you've ever contemplated moving to the West Coast for work, education, or just a simple change of scenery, you might be curious how Vancouver's home prices compare to Toronto's. 

A new report from RE/MAX observed composite benchmark prices for different types of residential properties in both cities, with data from the Real Estate Board of Greater Vancouver (REBGV) and Toronto Regional Real Estate Board (TRREB). 

According to the REBGV, the MLS Home Price Index (HPI) composite benchmark price for all residential properties in the Greater Vancouver area was approximately $1.2 million in July, which is up 0.5 per cent when compared to the same time last year. 

In Toronto, the benchmark price for all properties was just below $1.15 million in July, which is similarly up 0.5 per cent from July 2022. 

The report also broke up prices for different types of properties in Toronto, with detached homes at $1.765 million, townhouses at $921,000, and $761,500 for a condominium.

"Home sales continued to be above last year's levels in July, which suggests that many households have adjusted to higher borrowing costs," said TRREB President Paul Baron. 

"With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate-tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years." 

According to the report, the three aforementioned property categories are slightly more expensive in Vancouver when compared to Toronto, with the benchmark price for a detached home being $2.012 million, townhouses at $1.104 million, and condominiums at $771,600. 

The Vancouver real estate market is expected to see climbing home prices as increasing demand will contrast lower housing inventories, the report found. 

"Like Toronto, Vancouver is seeing a jump in supplies, with new listings climbing 17 per cent year-over-year to 3,975 units. This is five per cent below the ten-year seasonal average of 4,902 units," the report reads.