A recent report from CBRE says that Canada’s two priciest cities for homes can now be included in an international class that is attracting foreign investors from around the world.
The report from CBRE says “prime” residential property in Toronto is now $1,225 per square foot, while Vancouver is $1,368 per square foot. Those dollar figures have vaulted the cities past some pretty impressive competitors like Rome and Milan. Similar property in Paris is $2,000 per square foot, while London, the most expensive city in the study, comes in at $3,636 per square foot.
“We’ve got some serious real estate here. Very quietly we have climbed the global real estate ladder,” said Ross Moore, national research director for CBRE in Canada. “There are a whole bunch of reasons people are buying property but parking capital is one reason…In Canada, people want to educate their kids here so they want to buy somewhere for them to live.”
…residential property in Toronto is now $1,225 per square foot, while Vancouver is $1,368 per square foot.
The question of how much foreign ownership is influencing the marketplace has been debated heavily in both cities. Evan Siddall, the president of Canada Mortgage and Housing Corp., recently told the Financial Post that his research team is trying to get more information to fill in the “data gap” on what percentage of Canadian homes are being purchased by overseas buyers.
The CBRE study finds that foreign buyers are influencing markets around the world and specifically pointed to Toronto and Vancouver as attracting retirees looking for luxury, the only other Canadian cities referenced.
Concern has been raised that Vancouver and Toronto, along with Calgary, are skewing the national price figures which are due out on November 15.