Vancouver Ranks Top in Global Luxury Real Estate Market

According to a new report created by U.K.- based property consultants Knight Frank, Vancouver ranks as the top performing city worldwide in the 2015 global luxury real estate markets.

Knight Frank's Wealth Report ranks cities based on Prime International Residential Index (PIRI). According to the firm, the Prime International Residential Index tracks and monitors the most desired housing markets around the globe.

Knight Frank consultants define prime property as "the most desirable and generally most expensive, property in a defined location," typically the top five per cent of any given market.

According to a top 100 cities list which includes cities such as San Francisco, Monaco, Miami, Seoul and Shanghai, the city of Vancouver is the top leader with prices accelerating 24.5 per cent in 2015.

Sydney came in second place. The Australian city home prices increased just 14.8 per cent in the same time period. Toronto came in at number 12, with an eight per cent increase.

Vancouver's price increase is credited to a weakened Canadian dollar as well as a lack of supply compared to international demand.

The picture of the home attached in this post is currently listed in Vancouver for $26,880,000.

Reference: CBC News

http://www.cbc.ca/…/british…/vancouver-real-estate-1.3487828