Toronto's real estate market is second to only one in the world when it comes to luxury homes. According to a new study by Christie's International, the sale of luxury homes in this city (defined as homes that sold for more than $3 million US) was up a whopping 48 per cent in 2015, which trailed only Auckland during that period.

Toronto did, however, take top spot when it comes to the speed of luxury sales, which averaged just 28 days, which is 167 days less than the global average of 195. Um, can you say red hot market?

A relatively short supply of luxury homes is one of the chief culprits for the high prices and sales activity, but the trickle down effect is that areas outside the city are also witnessing increased activity as buyer's looking for such properties are forced out of the Toronto market. You're welcome, Oakville.