February 21, 2017 | Mike Hager
Quoted from the article:
Despite fears that foreign speculators are juicing the region’s already-booming real estate market, it is impossible to know what impact international capital is having because no official data are being collected.
And, as long as this statistical black hole remains, observers warn Toronto could be following in Vancouver’s footsteps toward a housing crisis for locals.
“One of the risks that Toronto has is that, because wages are a little bit higher there, prices could escalate for longer than they did in Metro Vancouver before the government takes action,” Vancouver MLA David Eby, the New Democratic Party’s housing critic, says. “It’s hard to know where the ceiling is on these real estate prices if international speculation is left to run its course. We don’t know how much capital is out there looking for investment in housing in major Canadian cities.”
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