YYZ & YVR homes: more expensive than Rome, closing in on Paris!

This is some interesting data on the housing market in Vancouver and Toronto from one of the banks we deal with.

Mark Herman; Calgary, Alberta mortgage broker

Canadian home prices really are “world class”, at least in the country’s two hottest markets.

A survey shows the price for prime residential property Toronto and Vancouver has surpassed Rome and is closing in on Paris. Vancouver is at nearly $1,400 a square foot and Toronto is a little above $1,200. (Top spot is London at more than $3,600/sq. ft.)

The survey says growing foreign investment as a key reason for the rising prices because international investors consider 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; and low financing continues to be a key factor in pricey markets.