Canada has seen the average price of residential real estate grow from around eight per cent in 2006 to 15 per cent in 2007.
The country's global rankings in the Knight Frank Global House Price Index climbed from 13th to 7th place.
Canada's economy has been buoyed by demand for raw materials from fast-growing economies like India and China, according to Knight Frank.
Global house price inflation stood at 8.2 per cent at the end of 2007, compared with 9.7 per cent in December 2006.
Liam Bailey, head of residential research at Knight Frank, pointed out that growth in the cost of property for sale in Canada came despite a downturn in economic conditions in the US and Europe.
According to a study by Royal Bank, a mortgage for a townhouse property for sale in Canada accounts for about 34.5 per cent of an individual's pre-tax income.
A detached bungalow and a standard two-storey home take up 42.5 and 48 per cent of earnings respectively.
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You can find great local Toronto, Ontario real estate information on Localism.com Frank Bott is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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