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All those numbers pale when compared with the price gain for a detached home in the Canadian city. That was up an average 30 percent to C$1.57 million.

“Nothing is more bubbly right now than the Toronto housing market,” David Rosenberg at Gluskin Sheff & Associates Inc. said in a note to clients last week. The chief economist, known for predicting the U.S. housing meltdown and the economic carnage it unleashed, says prices are more than 60 percent overvalued in the city when compared to incomes.

The exuberance can be seen in Toronto’s bidding wars. Erin Warner and her partner, 40-something professionals, purchased a townhouse in Toronto’s east end for C$1.05 million this year, paying about 15 percent above the list price to outbid a handful of other hopefuls. The couple used savings and the windfall from selling their smaller townhouses on the other side of town, which had doubled in value since they bought about seven years ago.

“We wanted to make sure we got it, and knew others were bidding over the asking price, too,” Warner said Saturday from the kitchen of an open house for a townhome in their complex. “That’s just a reality now.” The couple were browsing the open house to justify their purchase and they were immediately vindicated. The property, similar in size but older and less up-to-date, is also listed for C$900,000 and the agent said it’ll likely sell for at least C$1 million.

“Homeownership is going to be an issue for families who want to live in urban centers,” said Ara Mamourian, 38, who owns brokerage Spring Realty Inc., and scrapped his own plans to buy a house to accommodate an expanding family. He’s opting to rent for now and bought a two-bedroom, C$800,000 condominium that’ll be ready in 2019. “There’s already so much competition. It’ll be nuts.”