The Knight Frank Prime Global Cities Index tracks the movement of luxury residential property prices across 41 cities.

Toronto logged a 22.2 per cent increase in luxury property prices between March 2016 to March 2017, a Knight Frank index report found.

The Knight Frank Prime Global Cities Index tracks the movement of luxury residential property prices across 41 cities. The index climbed 4.1 per cent from January 2017 to March 2017.

Toronto came third in the index, and was not the only city from Canada to report a rise in luxury property prices. Vancouver reported a 7.9 per cent rise in Q1 2017 year-on-year. 

The report also stated that the rise in property in Toronto lead to “the announcement of a raft of new measures in April, which includes a 15 per cent foreign buyer tax, putting the city on an equal footing with Vancouver”.

US cities only sustained small rises in price compared to its neighbours north of the border. Miami (4.1 per cent), Los Angeles (2.5 per cent), San Francisco (1.8 per cent) and New York (1.7 per cent) had property rises that were relatively muted in the 12 months to March 2017.

The biggest rises within the index were in China. Guangzhou saw a 36.2 per cent increase and Beijing saw a 22.9 per cent increase. 

London saw a drop in its luxury prices, with a 6.4 per cent decrease from March 2016 to March 2017.

Tech cities were also found to be performing better in the index from March 2016 to March 2017, with a 7.4 per cent change compared to 3.2 per cent increase for financial hubs. Tech cities consist of Bengaluru, Berlin, Dublin, Melbourne, San Francisco, Seoul, Stockholm, Taipei and Toronto.