The latest edition of the Prime Global Cities Index by Knight Frank LLP revealed that Toronto ranked 2nd in terms of prime real estate growth across all of North America.
The city’s luxury prices increased by 8.5% year-over-year in Q3 2018, according to the study that analyzed the top 5% most expensive properties in each market.
This placed it behind only San Francisco’s 9.5% growth, and 7th place overall in the worldwide power rankings.
Knight Frank’s analysis pointed at the Rosedale and Yorkville neighborhoods as the main drivers of the Toronto luxury market’s exceptional performance.
Read more: Luxury condo segment continuously drawing in buyers
Another contributing factor is that the city’s most expensive condo units are only getting pricier, according to the 2018 RE/MAX Spotlight on Luxury Report.
Toronto’s highest-priced condo sold for $11.5 million this year, a dramatic 44% increase from 2017’s $8 million. Luxury condo sales across the region also increased by 2% year-over-year.
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