The following is a summary of VANCOUVER's experience:

- skyrocketing house prices divorced from economic fundamentals of local job market
- real estate industry loudly denying that money from overseas is a major player
- houses suddenly selling within a week of being listed
- houses selling for 25 percent over asking in bidding wars
- houses on a rapid trajectory towards dozens of times the average annual local income
- realtors and developers blaming lack of supply as only source of problem
- realtors and developers shouting that more house building is only solution
- realtors throwing the word "racist" at anybody who suggests that overseas money at play
- no level of government doing anything effective to protect affordability for local workers
- newspapers blame a vibrant local job market and low interest rates as the key culprits
- newspapers and politicians tacitly approve of labeling, as racists, anyone who doubts realtors

Um, gee, any similarity with the TORONTO situation?