Take a moment of silence for all the prospective homeowners in Toronto, as the city tops the charts for the world's fastest-rising home prices.

A new Prime Global Cities Index by real estate agency Knight Frank ranks Toronto in the number one spot for rising prime house prices out of 46 global cities. The agency defines a "prime" property as "the most desirable and expensive property in a given location, generally defined as the top 5% of each market by value."

Toronto's prime price growth in the 12 months leading up to the end of June 2021 was 27% and according to the report was "driven by strong buyer appetite and low inventory levels."

From Q1 2021 to Q2 2021, Toronto saw a three-month price increase of 15.5% and was the only city listed to have double-digit growth in a three-month period.

Across North America, the average annual increase of prime prices was 16%, so it's safe to say everyone is feeling the housing heat.

A recent report by Zoocasa says that the average price for a home in the GTA is expected to rise to $1,114,387 by October.

The top ten cities listed by annual percent change in the Prime Global Cities Index are as follows:

1. Toronto, North America (27%)
2. Shanghai, Asia (21.4%)
3. Guangzhou, Asia (19.8%)
4. Seoul, Asia (19.6%)
5. Miami, North America (18.7%)
6. Moscow, Russia & CIS (17.6%)
7. Los Angeles, North America (17.5%)
8. San Francisco, North America (17.1%)
9. Vancouver, North America (16.6%)
10. Taipei, Asia (14.9%)