Toronto saw big growth in luxury real estate market: Report
Toronto saw a huge growth in its luxury real estate market last year, according to a new report released by Christie’s Real Estate.
A news release released on Thursday said Auckland, New Zealand took the top spot for most growth in luxury real estate with a 64 per cent increase, followed by Toronto, which saw a 48 per cent increase from 2014 to 2015.
While the definition of luxury real estate is not consistent among 100 markets surveyed worldwide. Toronto defines homes worth 3 billion dollar and above as luxury.
“Primary housing markets saw an 8% increase in million-dollar-plus home sales as the global housing market returned to more traditional growth rates following several years of year-on-year increases at breakneck speed,” the Christie’s report read.
“Singapore, New York, London and Hong Kong are experiencing slowdown in sales while Toronto, San Fransisco, Paris and Sydney continue to see overall sales growth.
Toronto was not the only Canadian market to experience such growths.
Overall the report suggests that London maintains its position as the world’s luxurious property market.