9 Fastest Growing Luxury Housing Markets

Guess who made the list?

At Number FiveTORONTO, Ontario:
12-month increase: 12.0%
3-month increase: 1.2%

Foreign investment and a relatively low Canadian dollar have been blamed on soaring house prices in Canada’s major cities in recent years. The 3-month change in Toronto slowed in the past three months to +1.2%, however, compared to a 12-month change of +12%.

5-toronto-canadaTaxiarchos228 / Wikimedia Commons

and

At Number OneVANCOUVER, B.C.:
12-month increase: 31.6%
3-month increase: 1.5%

The city, which has a population of 603,000, is highly popular with Chinese investors. In August, the province of British Columbia introduced a controversial 15% levy on foreign purchases of homes in the Vancouver Metro area to tackle the problem, and it seems to have worked. The 3-month change in the city was just +1.5%, compared to a 12-month change of +31.6%.

1-vancouver-canada
Kenny Louie/Flickr

Surprisingly or not, no European or U.S. cities made the the top of the list.

NOTE: The original date of this article, 31 October 2016, came well after Vancouver’s infamous tax on foreign buyers of real estate. Obviously, it has not completely deterred it’s fans & lovers from continuing to show their love with their wallets!
Source: Knight Frank: 9 fastest growing luxury housing markets – Business Insider