Toronto and Vancouver home prices pass Rome and close in on Paris
Canada's two priciest cities for homes can now be included in an international class that is attracting foreign investors from around the world, says a new real estate study.
The new dollar figures for two of Canada's priciest cities have now vaulted past some pretty impressive competitors around the world, such as Rome and Milan. Canada has been very quietly climbing the global real estate ladder. The question of how much foreign ownership is influencing the marketplace has been a heated debate in both Toronto and Vancouver. The president of Canada Mortgage and Housing Corp., CMHC, has mentioned that his research team is trying to get more information on what percentage of Canadian homes are being purchase by overseas buyers.
Foreign buyers are influencing markets around the world and specifically pointed to Toronto and Vancouver as attracting retirees looking for luxury. The average dollars per square foot (Residential property) in Toronto is $1,225, where in Vancouver it is $1368.
London, Hong Kong & New York are the three leading cities, with over $3000 per square foot.
Click here to read the full article from the Financial Post.