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TORONTO • The two strongest housing markets in the country, both targeted this year by new housing policy from Ottawa, continue to exhibit no sign of slowing down at all.

On Monday, the Real Estate Board of Greater Vancouver said March was the highest selling month on record.

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Tuesday it was Toronto’s turn. Canada’s largest city showed it’s on pace to make 2016 a record-breaking year for existing home sales as prices continue to punch through new highs.

More than $7.1 billion in resale housing activity was conducted in the Greater Toronto Area in March, as 10,326 homes changed hands — a 16.2 per cent increase from a year ago. Coveted detached homes in the city of Toronto sold for on average $1.17 million, up 12.4 per cent from a year ago.

Toronto prices still remain no match for Vancouver, where the average price in March for a detached home in the region was $1.78 million. Metro Vancouver set a record for sales in month in March as the board’s index for all housing prices was up 23.2 per cent from a year ago.