Which Canadian city is the world’s hottest luxury market?

Just in case you needed another reason to count yourself lucky to own property in this Canadian city, a new report is calling it the hottest luxury real estate market in the world.

According to Christie’s International Real Estate, sales of luxury homes in Toronto rose by a hearty 37 per cent in 2014, leaving its competition – such as Dubai, Hong Kong, London, Los Angeles, Miami, New York, Paris, San Francisco and Sydney – in the dust.

In fact, the report said that Toronto is actually bucking the universal trend of a slowing in the world’s top property hubs.

In 2014, year-on-year luxury real estate sales slowed in nine of the world's top 10 property markets, which Christie’s ranked by sales prices, average prices per square foot and number of luxury sales.

The report also revealed that the new benchmark for high-end homes is US$100 million, with a record of 10 properties currently listed across the U.S. at or above that price.

As for Toronto, the report said that larger homes in desirable neighbourhoods are reaching $4 million and even more modest homes are in the $1 to $2 million range. Toronto also tops the league for the fastest selling times with high-end homes averaging just 31 days on the market.

Find out more about the Toronto housing market using CREW's free investment hotspot tool

 

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