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.
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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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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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