According to a recent article in The Telegraph, Toronto out performed the rest of the world with the highest increase in sales for luxury properties in 2014, climbing above London, Dubai and New York City.
Known for it’s economic stability, Toronto experienced a 37% increase in luxury real estate, which includes penthouses, apartments and houses. Toronto trumped San Francisco, Sydney and Miami, according to a report from Christie’s International Real Estate group.
“This was Toronto’s second best year on record, but it wasn’t just a function of supply and demand,” said Dan Conn, chief executive of Christie’s International Real Estate practice.
“This is one of the most stable financial and governmental systems in the world. It’s the major economic hub in Canada, with a new influx of people and an incredible rate of growth. The perception is it’s a safe place to invest, still relatively cheap, with an attractive rate of return.”
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