The CBRE’s annual Global Living report has reported the most expensive housing markets in the world.
The CBRE is one of the world’s largest commercial real estate and investment firms. It recently listed the top 35 major cities around the world with the highest housing markets.
Hong Kong and Singapore were once again ranked the most expensive cities in which to buy houses on Earth with average prices of $1,235,220 and $874,372 respectively.
Shanghai, Vancouver and Shenzen were listed in the top five. Los Angeles, New York City, London, Beijing and Paris were in the top 10.
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However, only a few of these cities saw a higher rental growth over the past year.
Toronto came in at spot number 12 with the average home price being $575,557. Though, it placed in at nine for the “rental growth” for the year. The house price growth was 1.5 per cent compared to ten per cent over the last decade.
But, how do these numbers compare to smaller cities such as Burlington?
According to TREB, the average selling price of a home in the GTA is $788,335. The average selling price for the first quarter of 2019 was up by 1.1 per cent.
TREB noted that the first quarter sales remained relatively flat compared to last year and new listings have declined more so than sales. In fact, TREB says March new listings were down by 5.1 per cent year-over-year and Q1 new listings were down by 1.5 per cent.
This goes to show that smaller cities are facing a more expensive housing market than some major cities, such as Toronto.