No Idea where you are from Gavin but here in Vancouver none of my professionally employed children can afford houses or condos over 750 sq ft in this market. Of the new condo buildings these are bought up in multiple units by speculators - not speculation - first hand knowledge. I know one 1.2 mil unit is owned by a student that works part time in a mail room because his parents wanted to switch from their name as they still live in China. And he still pays rent! As for the houses in my 5 block area, 90% were bought by non english speaking person and put in the name of a recent landed immigrant.  Half are empty the others have grandparents or students living in multi million  dollar homes. Again first hand knowledge from living there for 20 years. So Gavin I am afraid it is your assumptions that are completely out of step and foreign money is screwing the local prices beyond the local earning power.