Toronto is world leader for luxury real estate
Christies International’s study Luxury Defined presents an in-depth analysis of trends shaping the luxury real estate market globally. This year's report comprises not only standard luxury property market measurements – such as top sale prices, volume of luxury home sales, average sale prices, etc. -- but also benchmarks them to similar markets rather than to all markets, offering a comprehensive look at global activity and correlated values.
The report shows that Toronto is the one city with the hottest growth in luxury real estate. Christies International’s study also revealed that the new benchmark for high-end homes is U$100 million with a record ten properties currently listed across the US at or above the 9-digit price. Toronto ranks tenth overall on Christies’ luxury index it has seen the hottest pace of growth with a 37 per cent increase in 2014; in 2013 it saw just 4 per cent. Low supply has kept that increase lower than it could have been according to experts and has also pushed prices higher; larger homes in desirable neighbourhoods are touching $4 million and even more modest homes are in the $1-2 million range. Toronto also tops the league for the fastest selling times with high end homes averaging just 31 days on the market.
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