"I know at least 20 people who bought in the last 3 years and none of them are wealthy foreigners."

Local speculators and massive amounts of debt have fueled this bubble. Foreign buyers have been relatively minor participants, but the story of foreign buyers has helped spur on locals. -vreaa

Anonymous at vancouvercondo.info 26 May 2010 9:20 pm -

“I know at least 20 people who bought in the last 3 years and none of them are wealthy foreigners. They’re mostly Caucasians who’ve lived here for 10 to 50 years and most don’t even earn as much as I do, they just seem ok with taking on ridiculous debt levels. Hey, here’s a concept – maybe house prices are high because locals are overpaying with cheap money at record low interest rates. Maybe they believe all the fairytales: wealthy outsiders, drug money, etc. Maybe that’s why debt levels are at record highs?”