Institutional features of Canadian real estate Somerville, Tsur
Despite Canada’s small number of urban centers, trying to generalize to a “Canadian” real estate market is challenging. The country’s political and economic institutions accentuate clear regional differences. Relative to other countries with federal systems, Canadian provinces are especially powerful. The economies of British Columbia (Vancouver), Alberta (Calgary and Edmonton), Ontario (Ottawa and Toronto), and Quebec (Montreal) are driven by very different factors. For British Columbia, these are forestry and resource extraction, tourism, and trade with Asia. For Alberta, it is oil and gas drilling and exploration. Key sectors in Ontario are auto and auto parts manufacturing, high tech and finance. And in Quebec it is diversified manufacturing and forestry. High tech is also a presence in Vancouver and Calgary but in different areas. This chapter focuses on the institutional framework in the four principal Canadian real estate markets, Calgary, Montreal, Toronto, and Vancouver.
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Attribution-NonCommercial-NoDerivs 2.5 Canada