2 Canadian markets among most expensive in North America

Experts have been calling for a correction to Canada's housing for the past two years. But despite that, sales and prices in some of the nation's biggest markets continue to surge, reports the Financial Post.

Despite having one of its coldest winters on record, Toronto's housing market showed no signs of freezing over. Average prices were up by 9 per cent, while the total sales volume rose 2.1 per cent.

The gains were even larger in Vancouver, Canada's most expensive market for the past few years. Sales jumped by a staggering 40 per cent, and prices increased by 3.2 per cent.

A survey recently conducted by BMO showed that 34 per cent of Canadian buyers were more than willing to engage in bidding wars in order to secure a new home, a signnificant jump over the 21 per cent reported in 2013.

The number of battle-ready buyers was even larger in Toronto and Vancouver, with results of 44 and 41 per cent reported, respectively.

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