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