Canadian homebuyers want the same things Americans do: A backyard for the kids to play in, a home office to work in, etc. As a result, suburban home prices in Canada’s two hottest housing markets — Toronto and Vancouver — soared 17% in the last year. But many of these buyers are swapping condos for detached houses, and now they’re discovering they can’t sell their condos. In those cities and others, the downtown condo markets are collapsing under a wave of sellers and no buyers. Read story here.
It may also be politics. Many Chinese and Hong Kong residents bought into the Vancouver market with many condos sitting empty. With Canada on the mainlands [bleep] list smart owners have dumped their investments with encouragement from the government