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It's not just capital controls. There is a lot of fraud in China that ends up being laundered in real estate here in Canada:

http://theprovince.com/business/real-estate/mysterious-wheel...

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Toronto is now also completely out of control:

http://www.greaterfool.ca/2017/03/04/its-official-its-a-bubb...

Normally there would be an epic crash in the near future, but I have come to the conclusion that this time really is different, and I'm not joking.

Shame the government of Ontario won't even consider the BC foreigner tax.

Numbers I've seen suggest that the proportion of "foreign money" in Toronto is even lower than in Vancouver (mostly from GreaterFool.ca), so the tax may not have a large effect.

My question would be: what is their definition of "foreign money", and how are they determining how much of it is involved in their housing market.

We've got the same problem here in Auckland (NZ). Now the 4th least affordable place in the world

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&obj...

Out of curiousity, does Auckland also have 18 year old kids driving $100k++ sports cars with N (new driver) stickers as we do here in Vancouver?

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