Ever wonder what your life might be like if you sold your Canadian property and invested in real estate in some other market? Before you get into this article, it is important to note that when it comes to real estate prices, most studies are at least partly subjective. The actual numbers may vary in accordance with who the survey was commissioned by (a real estate agent will have a different agenda than a housing development company) and the criteria for qualification.
As such, some of the actual dollar amounts for real estate in some locations will be different than what you may have heard. For example, a look through the Toronto condo listings and a comparison with the Vancouver ones will tell you one unmistakable fact: it is a lot more expensive to live out west.
This despite the fact that when it comes to international surveys on real estate prices, Toronto is usually listed well before any other city in Canada. However, most of these studies are thinking about the largest and most diverse population centers rather than taking a real look at actual real estate prices. If they did, it would soon become apparent that the prices for Oakville real estate are sometimes almost double what you can expect to pay for an equivalent Toronto home!
That said, there are some places in the world where even the sale of the most expensive homes won't get you very far in the purchase of a new home. We'll leave out the ridiculously priced country of Monaco for this article, as it is stimulated almost exclusively by people with money literally to burn. Instead, a look at other world cities can show that even residents of high priced Vancouver homes can consider themselves lucky. Prices in Moscow, London, and Hong Kong are double again even the high prices you will see on Canada's west coast.
Of course, some world cities offer real estate at much less than what you would get for if you were to put an Edmonton condo up for sale. Cairo Egypt offers the most affordable prices for real estate in the world, at just under $600 per square metre. That makes it not only a good location to buy, but a great place to invest as well. Rental yields in Cairo are amongst the highest in the entire world.