It’s not just the average Torontonian who’s getting burned by the city’s red-hot housing market.
Toronto’s wealthier citizens may be feeling the heat too, as the city’s luxury market was named the world’s hottest, according to Christie’s International Real Estate, earlier this week.
“Toronto recorded the shortest time to sell a luxury property (17 days on market, down from 28 days the year prior), fuelled by incredibly low inventory and rapid price increases that prompted both buyers and sellers to act,” the report said.
However, the authors suggested the province’s recent measures to cool down the market may have an impact in 2017.
Christie’s annual report looked at factors such as luxury home prices, inventory and sales in more than 100 markets around the world.
The definition of luxury real estate varied by market, but the average starting point was US$2.1 million.
Click through the gallery to see the other cities that cracked the top ten.