Quote:
Originally Posted by memph
Canada's immigrant investor program was much bigger than the US's in per capita terms while it was running. Although that program has been terminated, the 15 years of rising real estate prices that it contributed to could have helped build the perception of Canada being a better investment destination than the US (which experienced the 2008 housing crash), so that Chinese investors are interested in continuing to invest without being able to immigrate. For example, they may send their kids to university in Canada and buy them condos to live in.
I agree that low interest rates, rapid population growth, and high land values (due to Greenbelt, congestion, and lots of downtown jobs), as well as higher construction costs are also factors that are causing Toronto's real estate to be more expensive than in most American cities.
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I really can't see any Candian city having more foreign buyers than Americans cities based on all the taxes and regulations when buying property in Canada that the US doesn't have.
If foreign buyers make up 5 to 10% of Toronto and Vancouver I would assume it's 15% to 30% on major American cities