Quote:
Originally Posted by dc_denizen
Toronto is going the direction of a Dubai of North America, offering safe haven real estate to multinational investors, this is really nothing new.
What city is proposing the most multifamily buildings? There always seems to be an inconsistency between the numbers for say New York/ toronto/ Austin etc, and places like Dallas which never rank high on emporis lists, but nonetheless add the largest amount of large multifamily properties annually in the US.
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Foreign buyers represent 5% to 10% in the Toronto market with the vast majority being Canadian who are buying property.
If a multinational wants to store money away it makes much more sense to invest in US properties, it's cheaper and doesn't have all the foreign regulations like land transfer taxes, foreign buyer taxes and AirBNB isn't as regulated as in Vancouver or Toronto has.
Foreign investment of any type is easier in the US than Canada do to less regulations in the US and less taxes