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Originally Posted by kr4l
Also, you guys are discussing a lot about people buying properties as investments and if the housing market ever crashes, they'll be doomed. I don't know where you guys live to not see this, but these foreigners buying up all these properties don't give two shits if it drops. These guys hold millions upon millions of dollars. It'll only put on small dent on there networth.
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While I realize that this has been beaten to death already, there are still no stats to support that the majority of home buying in Van is foreigners.
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Previously, CMHC has tried to glean the scope of foreign investment with a survey of property managers that found less than 6 per cent of condos were bought by people who reside outside the country.
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CMHC revs up hunt for flows of foreign money into Canada?s torrid housing market | Financial Post
There is however data to suggest Canadians are drowning in debt
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Statistics Canada said Friday that total household credit market debt, which includes consumer credit and mortgage and non-mortgage loans, increased 1.2 per cent to $1.923 trillion at the end of last year.
The total included $573.6 billion in consumer credit debt and $1.262 trillion in mortgage debt.
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Fuelled by mortgage growth, Canadian household debt rises to new record high - National | Globalnews.ca
If it's all Chinese people buying property... where are the Canadians spending this money? I'm all ears...