Canadian investors look to L.A., where some celeb homes rival inner-city Toronto prices

As if housing market prices in Torontoaren't discouraging enough,a celebrity pad in Los Angeles can be comparable in price to some homes in the downtown core.

A Hollywood Hills houseowned by Oscar-winning Dallas Buyers Club actor Jared Leto, for example,is currently listed for sale at $1.9 million US.

According to the listing by Modern Living LA, the four-bedroom, three-bathroom home is "hidden behind a quiet faade," has a recording studio, and"a gorgeous lagoon-style pool surrounded by an expansive patio and lush mature landscaping."

The list priceconverts to about $2.7 million Cdn, awad of cash that wouldn't beenough topurchase thesemi-detached, three-bedroom renovatedhome in Rosedalebelow.

You could find a roomy abodewith that money in some ofToronto's other coveted neighbourhoods, likeParkdale or Leslieville minus thepool, built-inrecording studio and tropical landscaping.

Finding a new home

As a result, some professionals in the entertainment industry are takinga closer look at Tinseltown'sreal estate.

Canadian director TriciaLee, who recently movedto L.A., is able to look at buying as opposed to rentingthanks to the recent sale of herhouse in Hamilton.

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"It will definitely help with a down payment," she told CBC News in Los Angeles.

It's possible more could be exploring buying homes in L.A. as well.

I've had a number of big investors who are prominent in Toronto who are looking to getinto the L.A. market.- Matthew Gaskill, Sotheby's International realtor

"I've had a number of big investors who are prominent in Toronto who are looking to get into the L.A. market," says Matthew Gaskill, a realtor with Sotheby's International, which specializes in luxury homes and real estate.

"I think they all have different reasons for it. Whether they think the Toronto market is being totally saturated, wanting a personal lifestyle change or wanting to explore the L.A. market."

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He added that while it's not the norm, there are some celebrity homestypically owned by "young Hollywood" entrepreneurs, musicians, actors, he says that could compare to inner-city prices in Toronto.

The childhood home of actress sisters Dakota and Elle Fanning is on the market in L.A. for about $2.6 million US. Atnearly 3,600 square feet, it has an outdoor pool and five bedrooms in a sought-after, quiet community.

Even when converted to the Canadian equivalent of $3.5 million, it's still less than thissemi-detached, two-storey home for sale on the peripheryof Toronto's downtown.

Lack of inventory everywhere

But Toronto's bidding wars and skyrocketing property pricesare somethingGaskill is seeing in Los Angeles, too.

"There's a lack of inventory right now," he said, referring to a Beverly Hills "tear-down" that sold for over $5 million US.

When asked about his listingsin other in-demandL.A. areas such as Malibuthat might beunder, say, the $3-million mark, he said with a laugh: "In some places, that's just going to buy you dirt."

That's a statementno househunter in a Canadian citywill ever wantto hear.

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