The 10% figure that is constantly tossed around is garbage, it was calculated by counting number of owners that voluntarily declared they were foreigners. Many

The 10% figure that is constantly tossed around is garbage, it was calculated by counting number of owners that voluntarily declared they were foreigners. Many new condo developments in Vancouver and Toronto are offered for sale in Asian countries exclusively before Canadian citizens can even make an offer on them. If you drive around Toronto there are real estate signs openly advertising areas that don't have a 15% foreign buyer tax. The RCMP recently busted an elaborate Chinese money laundering ring in Vancouver that was processing $500 million/year in foreign cash alone. Much of it was being used to purchase real estate in Canada. The last article I read mentioned Canadas laws are so lax the authorities couldn't even seize the real estate directly involved in the scam because it was owned by Chinese citizens through shell corps.