Canadian home prices really are 'world class", at least in the country's two hottest markets.
A survey by commercial realtor CBRE shows the price for prime residential property in Toronto and Vancouver has surpassed Rome and is closing in on Paris! (Vancouver clocks-in at nearly $1,400 a square foot with Toronto at a little above $1,200. (Top spot goes to London at more than $3,600/sq.ft.)
CBRE cites growing foreign investment as a key reason for the rising prices. International investors see Canadian real estate as a safe haven. That's backed up by high-profile Canadian Economist Sal Gautieri. He also points to domestic factors:
- Population growth in Toronto and Vancouver (and Calgary) has outpaced the national average by about 2 to 1 over the past decade
- Economic prospects remain good in both cities
- Low financing continues to be a key factor in pricey markets.
Original article from: www.huffingtonpost.ca