THE REAL ESTATE MARKET AMONG THE WELL TO DO IN TORONTO IS THE SECOND HOTTEST IN THE WORLD.

CHRISTIE’S INTERNATIONAL REAL ESTATE SAYS SALES IN THE SO-CALLED LUXURY SEGMENT WERE UP 48% LAST YEAR.

ONLY AUCKLAND, NEW ZEALAND WAS MORE ACTIVE UP 63%.

TORONTO’S NOT THE ONLY CANADIAN CITY TO MAKE THE LIST AS VICTORIA WAS THIRD IN SALES UP 45%.

THE STUDY DEFINED THE LUXURY REAL ESTATE MARKET IN TORONTO AS PROPERTIES THAT WENT FOR $3-MILLION U.S. OR  MORE, WHICH COMPARES WITH THE GLOBAL STARTING POINT OF $2.2-MILLION U.S.

CHRISTIE’S SAYS A SHORTAGE OF PROPERTIES FOR SALE IS KEEPING TORONTO HOT.

IT’S ALSO FORCING BUYERS INTO MARKETS OUTSIDE TORONTO LIKE HAMILTON AND COLLINGWOOD WHERE PEOPLE ARE BUYING HOMES FOR ONE-THIRD OF THE PRICE IN TORONTO.