According to data released in a Report CBRE the Real Estate Prices in Toronto and Vancouver are catching up with Rome and Milan. The residential prices per square foot in Toronto are $1,225 and Vancouver $1,368 which outpaced the prices of $1,073 per square foot in Rome and $1,073 in Milan. The factor for this price increase, mainly in Vancouver was driven by foreign investments.
The Vancouver city attracted mostly Chinese buyers due to well known universities and world class lifestyle. According to Report Luxury condos in Toronto and Vancouver have become popular among retirees. The foreign investment in Canada is touchy subject which has made home owning unaffordable for local residents.
Checkout the comparable prices for international cities: