Canadians top foreign buyers of New York property

Canadians have spent more on real estate in Manhattan than any other foreign investor, according to new figures.

Real Capital Analytics says Canadians have bought U$3.85 billion of New York property in 2015, doubling the amount spent last year.

CBC reports that pension funds are the largest single group of investors with a total of U$581 billion under management in the city.

Canadian firms are also involved in developments in Manhattan, including a large waterfront project that could create 17 million square feet of commercial and residential space. 

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