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FlamesAddiction · 06-20-2016, 09:22 AM

It's not just China. A lot of wealthy people from the Middle East, Iran and India are buying up real estate like crazy.

My sister bought a house in 1996 just outside of Vancouver for about $350k. It was recently assessed at $700k and it's just a 3 bedroom, 1 bathroom bungalow with a tiny yard. Their neighbour has an almost identical house and sold it for $1 million to someone from Iran without them even looking at it.

Toronto is pretty much in the same boat. I heard a lot of the new condo buildings are sitting half empty because foreigners buy them with no intention to even live in them. Canada really needs to start controlling this better.

06-20-2016, 09:22 AM	#13
FlamesAddiction Franchise Player Join Date: Oct 2001 Location: Vancouver Exp:	It's not just China. A lot of wealthy people from the Middle East, Iran and India are buying up real estate like crazy. My sister bought a house in 1996 just outside of Vancouver for about $350k. It was recently assessed at $700k and it's just a 3 bedroom, 1 bathroom bungalow with a tiny yard. Their neighbour has an almost identical house and sold it for $1 million to someone from Iran without them even looking at it. Toronto is pretty much in the same boat. I heard a lot of the new condo buildings are sitting half empty because foreigners buy them with no intention to even live in them. Canada really needs to start controlling this better. __________________ "A pessimist thinks things can't get any worse. An optimist knows they can."