The federal property is the Canadian consul-general’s home in Sydney, Australia which was bought in 1964 for a nominal fee of 35,000 British pounds.
The Huffington Post
reports that, with Australia’s hot housing market and appreciation over the 50 years, the home will sell for just over C$9 million (4.46 million British pounds).
The sale is part of the Harper government’s commitment to sell-off certain real estate assets around the world in order to balance the budget.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Saint-Simon-les-Mines, Marchand, Brinston, Perry, Lake Centre
The Canadian federal government is in line to sell one of its real estate assets for 127 times the purchase price.