Toronto and Vancouver have now reached the international class in the real estate market that is attracting foreign investors. The real estate market has blossomed and the housing prices have risen to surpass Milan and Italy. According to a report done by CBRE the prime residential property in Toronto is $1225 per square foot and $1368 per square foot in Vancouver making the pricing very close to that in Paris which is $2000 per square foot. The most expensive city in the study was London coming in at $3636 per square foot.
The Canadian housing market has definitely climbed the global real estate ladder. There is much reason why our real estate is attractive to many; but one major chunk of the rise is from foreign investors. Many want their children to get education in Canada thus investing in properties here so their children have somewhere to live while receiving their education. Needless to say foreign buyers are influencing markets all over the globe; but outlining that Toronto and Vancouver is amongst most favourable due to the large condo boom. The current urbanization in our Canadian cities is appealing to foreign retirees looking to downsize and settle for luxury that our vast growth of condos is providing.
However the statistics are still unknown of exactly how much of the Canadian real estate market is being driven by foreign investors. There has been much debate over these numbers in both cities Toronto and Vancouver. According to the President of Canada Mortgage and Housing Corp. the data gap in the numbers; of what percentage of the market is driven by overseas buyers is in the progress of being determined by his research team this month!
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