Forget China, This Other Country Has A Love Affair With US Real Estate
Even though China's running with the headlines, Canada's super-rich poured a record-high $8.3B into Manhattan commercial real estate alone in 2015, more than quadrupling 2014's $1.97B.
Canadian investment accounted for almost one-third of foreign capital dumped into NYC's commercial properties last year, despite the weak Canadian dollar, which has dropped 10% since 2015.
Real estate giants from the Great White North—like Brookfield and Invanhoé Cambridge—expect the growth to continue in 2016, Reuters reports.
Ivanhoé just closed on its $5.4B Stuy Town JV with Blackstone, while Brookfield is building a 62-story residential tower as part of a $4.5B multi-use Manhattan West development.
"We're in growth mode in Manhattan," says Ric Clark, chairman of Brookfield Property Group. [Reuters]
