The Toronto real estate market is soaring, with sales prices increasing a whopping 16.2 per cent year over year as of April. There's also no sign of this trend slowing down. With a fresh batch of figures just released from the Toronto Real Estate Board, the picture doesn't look pretty for those hoping to enter the market.

The cost of detached homes in particular have skyrocketed. Having broken the $1 million mark last year, the latest numbers show of increase of 18.9 per cent last April over 2015 prices up to an average of $1.3 million. When other house types are included, that number drops to 12.6 per cent, but that's still a significant spike year over year.

Toronto's housing market hasn't quite reached the levels seen in Vancouver, but it's on the way. There were 12,085 sales recorded in Toronto this April, a new record in this city even as prices soar. Meanwhile, analysts say that number could have been even higher if the supply was greater.

Better count your pennies if you ever want to buy a house in Toronto.