In Toronto, Canada has one of the world's great cities, and one which is currently experiencing something of an economic boom. Toronto has a vibrant film industry, and often doubles as New York (albeit without the Big Apple landmarks and trying to hide the CN Tower which dominates the Toronto skyline).

But what will be most interesting to investors is the availability of quality properties in an appreciating market . . . offering a viable alternative to the US, whose major cities have become too expensive for many investors.

Hamilton Osborne King is currently offering a number of interesting downtown developments in Toronto, some of which will come in at a surprisingly low price.

Quantum 2 is a spectacular 54-storey midtown development which offers investors the choice of one or two bedroom units measuring between 59sq m and 101sq m (637 and 1090sq ft). Prices start at about 175,000, up to about 300,000, and, typically, prices increase as the floor numbers rise.

At the other end of the price range, HOK is also offering apartments at a five. . . star Ritz Carlton downtown development. Large one-bed suites in this 52 storey tower measure about 1,400sq ft, and benefit from full hotel facilities (including room service). Ideal for high-end rentals (remember, Toronto does attract its fair share of movie stars), prices start at about 800,000.

These two developments are good examples of the scope for investors within Toronto.

But the question remains . . .

why Canada? Well, to begin with, Toronto is nothing like the image that many people would have of the frozen north . . . it is right beside the city of Buffalo in the state of New York, and is actually significantly further south than many parts of the US. The population of the town is 2.5 million, swelling to about 5 million when its hinterland is considered. But there are also a number of economic reasons to buy in the city.

"Toronto is currently experiencing a boom in its economy, as well as in its housing market, " said Helen Faley, international sales negotiator at HOK. "It is a city economy based around financial services and natural resources, and many large companies have chosen to locate their headquarters around the city, because of the lower costs there than in the US. There is also an influx of about 150,000 people into the city every year."

All of this adds up to a property market that is experiencing capital appreciation in the region of 10% per annum. And because of the strong rental culture in North American cities, yields of about 4% to 5% should be achievable even on high-value properties.

Add to this the fact that the Canadian dollar is holding steady at around C$1.40 per euro, and there is some stability in the currency to rely on.

So what do people need to know before investing in Canada? "Firstly, they should choose a location that is right, either downtown or midtown, and on a subway line, " said Faley.

"And they should choose a property that comes with good facilities, such as a concierge service. But, beyond that, it is very easy to buy property in Canada, and there are no restrictions on foreign purchasers. We offer a package to all our investors, including financial and legal services."

Typical loan-to-value for an overseas buyer in Canada is 65%, and local finance is available from upwards of around 5.2%. There will be an annual property tax of 1%, and a tax on rental income or capital gains (between 15% and 24%), although there is a dual taxation agreement between Ireland and Canada, so at least you will only be hammered once. But, overall, running costs are lower than they are in the US, so anyone looking across the Atlantic for a destination for their funds could do worse than to cast their eyes towards this northern star.

FAST FACTS Getting there: Air Canada operates a nine-hour and 20 minute direct "ight every day between Dublin and Toronto Best places to invest: Toronto is the best place to buy as it's currently experiencing a boom in its housing market, with capital appreciation in the region of 10% per annum. Rental yields of about 4% to 5% should be achievable even on high value properties Tax breaks : There is dual taxation agreements between Ireland and Canada. Although there is an annual property tax of 1% and a tax on rental income or capital gains . . . of between 15% and 24%