Vancouver has topped the latest Prime International Residential Index from Knight Frank. The index, part of the global real estate firm’s 2016 Wealth Report, shows a 24.5 per cent rise in prices in the city in the year to December 2015, beating growth in Sydney, Shanghai, Istanbul and Munich, which complete the top 5. Average global growth in the 100 cities studied rose 1.8 per cent.
Toronto is at number 12 with price appreciation of 8 per cent year-over-year, rising from number 62 a year ago. San Francisco (at 7 with a 10.9 per cent rise in prices) and Miami (number 14, up 5.4 per cent) are the only other North American cities in the top 20.
Vancouver’s “stellar” performance is due to low supply, a weaker Canadian Dollar and foreign demand, the report says.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: