Hello Chris in Ottawa,

You wrote this of Vancouver: "Any impact of rich foreign buyers is likely marginal."

But that is the point: It is not foreign buyers, it is new Canadians who not long ago were foreigners, and very rich ones at that, who got here through investor immigrant programs.

Go look around at where the most expensive houses are in Canada. West side of Vancouver, Richmond, South Surrey.

Now, man, go look at the elementary school photos, of little kids' classes at the local schools. You will see that in many of those schools, over the course of a few decades, they suddenly went from less than 5 percent to suddenly become over 70 percent, the kids with facial features consistent with Chinese ancestry.

It is actually NOT that there are too many people and too few houses in those places. It is that there are too many EXTREMELY RICH people wanting to buy houses, and it is a NEW feature of our immigration system - post 1985 - that led to this new pressure.