Toronto came out on top as one of the strongest markets in the world for luxury real estate growth, according to the latest edition of the Prime Global Cities Index by Knight Frank LLP.
The list, which analyzed the top 5% most expensive properties in each market, placed the Ontario powerhouse on 7th place in the worldwide rankings, posting an 8.5% year-over-year increase in prime real estate prices in Q3 2018.
This also placed Toronto 2nd in North America, only behind San Francisco’s 9.5% growth.
Read more: Luxury condos in leading markets selling strong
Knight Frank cited robust activity in the Rosedale and Yorkville areas as vital contributors to the Toronto luxury market’s sustained performance.
The 2018 RE/MAX Spotlight on Luxury Report supported these findings, reporting that the city’s luxury condo sales grew by a respectable 2% year-over-year.
Toronto’s most expensive condo units also sold for much higher this year. The market’s priciest condo went for $11.5 million in 2018, representing a sharp 44% increase from last year’s $8 million.