As at this very moment, Vancouver seems to be taking the lead when it comes to the ranking of prime property in Canada. However, things may take a downturn due to the new foreign investor’s tax that has been recently introduced. The index gathered by Knight Frank’s Prime Global Cities did a comparison of the top 5 percent of the broader real estate market in the city that uses the company’s three-monthly data.
Although Vancouver has been at the top, taking the lead for five consecutive quarters, the company said that the newly introduced tax for foreign buyers will take a toll on the city and the pace of the city’s progress. Ever since Toronto has become part of the index – although new – they have had additional price gain in the last year and are following behind Vancouver as fourth on the list of price gains, with Shanghai and Cape Town leading the way.
Generally, the index went up 4.4 percent within a year up until June 2016, which is its highest increase in over two years. While Australasia is the region with an increase of 11 percent when compared to North America’s increase of 10 per cent, Vancouver however, experienced the highest inflation in price, at an increase of 36 percent.