Toronto: World's Second-Hottest Luxury Real Estate Market
Toronto boasts one of the world's strongest luxury real estate markets, posting 48% year-over-year sales growth in the segment in 2015. That's second-highest in the world, according to a report from Christie's International Real Estate and Canadian affiliate Chestnut Park Real Estate. Auckland, New Zealand, topped the ranking of 100 global markets, while Victoria, BC, placed third. What’s considered luxury? Christie’s says in TO's case it’s real estate worth $3M (US)-plus. Chestnut Park CEO Chris Kapches noted the city’s “turbocharged luxury market continues to be a function of fairly short supply and steadily increasing demand."