Toronto leads world as hottest luxury property market
This is according to a new White Paper report by Christie's International Real Estate and Canadian affiliate Chestnut Park Real Estate of Toronto, a Peerage Realty partner company.
The annual report examines how macroeconomic factors impact luxury home prices, inventory and sales globally across more than 100 real estate markets in the Christie's affiliates universe.
The definition of "luxury real estate" varies by market, but for Toronto (in 2016) it's defined as properties worth $3 million (U.S.) and above.
The average worldwide starting point for luxury real estate is $2.1 million (U.S.).
Overall, the international luxury real estate market softened in 2016, according to Christie's, but markets such as Toronto and Victoria defied the trend, in part fueled by foreign, and in particular Chinese, buyers, the report says. Global uncertainty was named as a primary cause for some traditionally strong luxury markets to decline or stall.
Regionally, the growth in luxury real estate sales declined in the United Kingdom (down 67%), Asia Pacific (down 29%) and the United States (down 4%) while Europe rose 20% and Canada increased a whopping 44%. ■