The Economist’s World’s Most Liveable Cities issue ranks cities according to 39 data sets including safety, education, hygiene, health care, culture, environment, recreation, political-economic stability and public transportation. Vancouver, Toronto and Calgary sit in the top five on the The Economist’s list. These key Canadian real estate markets share the top five positions with Vienna, Austria and Melbourne, Australia. New York is used as baseline. Interestingly, some of the world’s most buoyant real estate markets are also on the list of top 100 cities.
The implication to Canada’s real estate marketplace is not directly correlative. I have many conversations with colleagues and clients who speculate about where our marketplace is getting its tenacity. Generational wealth transfer is definitely one source of Canadian real estate stability and growth. I believe the attraction of global foreign investment in a time of social, economic and environmental instability has a major impact on our market, and I think liveability taps the psyche of wealthy people the world over.
Chris Chopik is a sustainability communication and policy consultant, Realtor and real estate instructor in Toronto.