The rankings include Toronto among a penultimate tier of 10 contenders pushing up against the alpha "big seven" of London, New York, Paris, Singapore, Tokyo, Hong Kong and Seoul.

Despite showing some signs of improvement, Canada Mortgage and Housing Corporation continues to hold the overall rating of the nation’s housing market at “strong evidence of problematic conditions.”

Due to climbing home prices in the GTA, CMHC reports that home prices in surrounding urban centres are also increasing in a spillover effect.