Toronto's soaring home prices are in line with the reality of other world cities such as New York, Hong Kong and London, says Mark Renzoni, president of global commercial real estate giant CBRE.
"The market is fairly balanced. It's not being driven by foreign capital. It's being driven by Canadians, moving up, buying for the first time," he told Toronto Star, following a speech at CBRE's annual market forecast event.
"There's great jobs, there's a sense of optimism, there's confidence in the job market and interest rates are low," said Renzoni, who suggested that concerns about foreign speculation in the Toronto housing market are overblown.
In February, Toronto Real Estate Board released a research showing fewer than 5 per cent of the 113,133 residential real estate transactions in the Toronto region last year (2016) involved foreign buyers.
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Toronto's Home Prices in Line with Other World Cities
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