Toronto saw big growth in luxury real estate market in 2015: report
Codi Wilson, CP24.com
Published Thursday, May 12, 2016 1:59PM EDT
Last Updated Thursday, May 12, 2016 4:43PM EDT
Toronto saw a big spike in growth in its luxury real estate market last year, according to a new report released by Christie’s International Real Estate today.
In a news release issued Thursday, Christie’s Canadian affiliate Chestnut Park Real Estate, 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 each of the 100 markets surveyed worldwide, Toronto defines homes worth $3 million (U.S.) and above as “luxury.”
For example, luxury is defined in New York, Los Angeles and Hong Kong as $5 million or more. In London, homes falling in the luxury category must exceed $7 million.
“Primary housing markets experienced an overall 8 (per cent) 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 slowdowns in sales, while Toronto, San Francisco, Paris, and Sydney continue to see overall sales growth.”
Toronto was not the only Canadian market to see big luxury real estate growth.
Victoria ranked third among the hottest luxury real estate markets surveyed.
Overall, the report says that London maintains its position as the world’s most luxurious property market.