20 Nov Foreign buyers are pouring money into Canada’s real estate market — but that’s not what’s driving up prices.
Original article via Business Insider. Click here to read.
Foreign buying numbers for Toronto and Vancouver real estate are going to spike soon. The registry will likely be hammered with higher numbers, and climb at a rapid rate. This will look like the non-resident speculator tax, and China’s capital controlsare starting to fail, but that’s likely not the case. Most of these units about to hit the registry were bought months, and possibly years ago. Canadians are about to be bluffed because not even government officials understand the flaw with their method of data collection. Here’s the problem, and why the numbers are going to soar. Even though an increase in foreign buying is very unlikely here.CLICK FOR THE FULL ARTICLE