Also thought this was a interesting read, from a far-away land:
http://www.huffingtonpost.ca/stephen..._11349292.html
"Chinese Media Warns Canada's Housing Crash Will Put U.S. to Shame"
Quote:
B.C. Government Saved This For The Election
Most interesting, Chinese media outlets are questioning the timing of all of this. After all, Vancouver's real estate has been growing at an unsustainable rate for years (more like decades), while incomes have stagnated. An author from Leju wrote that the Asian investment conversation is being brought on as platforms for the Vancouver municipal and B.C. provincial elections.
Leju also explained that other cities like Toronto, that have substantially more international buyers, are not having discussions about "vacancy taxes" and "restrictions." They further allege that the government in Vancouver and B.C. are looking to distract constituents with "other factors" to explain why income in the province is one of the lowest in Canada.
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Now of course this is the media, and it needs to be taken with a grain of salt, but they do raise some interesting points.