Toronto and Victoria, British Columbia, have been listed as the top two “hottest” luxury residential real estate markets worldwide in a recent white paper.

The report, which was released by Christie’s International Real Estate and Canadian affiliate Chestnut Park Real Estate of Toronto, looked at the impact that macroeconomic factors have on luxury home prices, inventory and sales throughout 100 worldwide real estate markets. In 2016, Toronto luxury real estate was considered as properties worth $3 million and higher compared to the average worldwide price point of luxury property worth $2.1 million, according to a news release.

Although luxury real estate sales declined in the United Kingdom by 67 percent, in Asia Pacific by 29 percent and in the United States by 4 percent, Canada’s sales rose to 44 percent. The rise in Canada’s sales is attributed to foreign, particularly, Chinese buyers.   

The Toronto market almost doubled in the number of million-dollar-plus sales in 2016 compared to the prior year, according to the announcement. Also reported is that across the globe, luxury homes spent an average of 221 days on the market, but in Toronto homes were on the market for just 17 days, which is the lowest in the world.