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.
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The Canadian federal government is in line to sell one of its real estate assets for 127 times the purchase price.