Quote:
Originally Posted by FlamesAddiction
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.
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Yep, it really picked up when the canadian dollar started to fall.
If something isn't done there is going to be a massively negative impact on all Canadians.