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The cityscape is pictured in downtown Vancouver, on Dec. 22, 2016. Europe’s wealthiest families have discovered Canadian commercial real estate as a safe haven investment, snapping up landmark properties in Toronto, Vancouver and Montreal over the past year. (JONATHAN HAYWARD/THE CANADIAN PRESS)
The cityscape is pictured in downtown Vancouver, on Dec. 22, 2016. Europe’s wealthiest families have discovered Canadian commercial real estate as a safe haven investment, snapping up landmark properties in Toronto, Vancouver and Montreal over the past year. (JONATHAN HAYWARD/THE CANADIAN PRESS)

Europe’s richest families snap up Canadian commercial real estate Add to ...

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Europe’s wealthiest families have discovered Canadian commercial real estate as a safe haven investment, snapping up landmark properties in Toronto, Vancouver and Montreal over the past year, in part because of concerns about the European Union’s uncertain future.

Foreign buyers purchased a record $5.6-billion of commercial properties in Canada last year, according to data from CBRE Group Inc., with Europeans accounting for $950-million of the total. Asian investors made up the majority of foreign buyers, but most deals involving buyers based in Asia were hotel and office building acquisitions by financial institutions such as China’s Anbang Insurance Group.

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