This month our chart compares recent global real estate prices.
There have been a lot of talks lately about how real estate prices are overheating in Canada. Although this may be true for Canada, Canadian home prices seem somewhat reasonable compared to major cities around the world on the price to square footage basis.
Our most expensive cities by far are Vancouver and Toronto, costing on average $770 and $708 per square foot. That is much less than New York at $1 603, London at $2 025 and Hongkong at an unbelievable price of $2858 per square foot. That’s over four times more expensive than Toronto.
Surprisingly, despite increases in recent years, Montreal is still much lower at $496.
Lastly, our three other big cities, Calgary, Ottawa and Quebec City, round out the bottom of the list.
The Key Takeaway?
When we look at real-estate prices, as with any other asset class, it is important to compare prices relative to their peers.
On behalf of TWM Group, thank you for watching our Chart of the Month. See you next time.