Toronto has been ranked the hottest real estate market in the world, according to Christie’s International Real Estate’s fifth annual luxury real estate report.

According to the report, the growth of the luxury real estate market was relatively flat in 2016, but many of the hottest, or fastest growing real estate markets in world, were in Canada. On average, Christie's defines luxury properties as homes with a starting price of $2.1 million.

In terms of the top performing luxury markets (the Luxury Index), Hong Kong took the number one spot, while Toronto ranked ninth. But we faired better on Christie's Luxury Thermometer.

"In contrast to the Luxury Index, which evaluates overall prices and relative “luxuriousness” of a market, the Luxury Thermometer rankings evaluate both growth and demand, and answer the elusive question: 'Where is the world’s hottest luxury housing market?'" reads the report.

The answer: Toronto. "Already-hot prime property market Toronto soared to the top of this year’s Luxury Thermometer rankings, with almost double the number of million-dollar-plus sales recorded versus the previous year," says the report. Victoria ranked second

This shouldn't be too surprising considering the state of our local market in 2016. It'll be interesting to look at how we fair in next year's report once the Fair Housing Plan is in place.