I just received the September issue of Monocle magazine. One of the features I always read is the “Observation” on the very last page. It reads as the editor in chief’s personal blog.

In this issue he talks about the recent EU referendum and the changes he is making to his business in response to that. Monocle is headquartered in London, but he is now finding it challenging to be “an international media business in a country that hasn’t figured out how it’s going to move forward.”

His response?

They are shoring up the Zürich office. They are looking at the possibility of a second bureau somewhere on the continent. And they are similarly looking to increase staff in both Toronto and Singapore.

When one place closes up, the companies and talent will find other cities that are open for business. 

As someone who is closing one chapter this week and starting a new one, Tyler Brûlé’s Observation also reminded me of the importance of change. Oftentimes change feels uncomfortable. But that’s not necessarily a bad thing. In fact, it’s more likely a sign that you’re on to something.

What have you done lately that made you feel uncomfortable?

Every year for the last decade, Knight Frank has published something called The Wealth Report. I’ve written about it before, but it’s basically a look at “prime property” and global wealth.

As part of the report, they have something called the PIRI 100. It’s their “Prime International Residential Index”, which looks at luxury residential property prices around the world. They generally define “prime property” as being the top 5% of each market according to value.

This year, the top 25 locations in their PIRI 100 are as follows (for the most part, the data is up to December 2015):

Here in Canada, we like to talk about the insanity of the Vancouver and Toronto real estate markets. This list helps to put that into perspective. Even by global standards, Vancouver is at the top of the pack by quite a significant margin. 

It’s worth noting that since this is a “prime property” index, it’s pretty safe to assume that the buyer profiles for these sorts of properties would have a significant international bias. So in a way, this list is really about global capital flows.

Here are the bottom 10 locations on this year’s list:

If you’d like to see the full list, click here.

Thanks to my friend Darren Davis, I just recently learned about something called The Lee Kuan Yew World City Prize. Named after Singapore’s first Prime Minister, the prize is a biennial award that honors cities who have made, “outstanding achievements and contributions to the creation of liveable, vibrant and sustainable urban communities around the world.” Along with the prize comes $300,000 (Singapore Dollars), which is about $287,000 Canadian as of today. The 2016 Prize Laureate is Medellín, Colombia. Over the past two decades, the city has transformed itself from one of the most dangerous cities in the world to one that has become a model for social inclusion and urban innovation. Here is a video that talks about the transformation. It’s a bit cheesy, but it does provide a high-level overview of their urban initiatives. A lot of them will serve as a reminder about the importance of urban connectivity. If you’re a regular reader of this blog, you may also remember that my good friend Alex Feldman (VP at U3 Advisors) wrote a guest post about Medellín after he visited the city for the World Urban Forum almost two years ago. That post was called, What cities could learn from Medellín. It’s worth mentioning that the runners-up for this year’s World City Prize were Auckland, Sydney, Toronto, and Vienna. In the case of Toronto, our “far-from-ideal transit” was specifically called out as a negative. Thankfully we are now working on road pricing, which will provide additional funding for transit. ;) Image by Jorge Gobbi