I was going to reply to the parent and say Canada but you beat me to it. Canada's housing bubble (?) existed since at least the early 2000s when I was in grad

I was going to reply to the parent and say Canada but you beat me to it. Canada's housing bubble (?) existed since at least the early 2000s when I was in grad school. Everyone expected the bubble to pop. When condo prices continued to be strong during covid (who the heck would buy condos), I just had to admit I was wrong. This is not a bubble but we did not see the true factors driving things. Immigration is the biggest one. People do indeed bring suitcases of cash from all over the world (including Ukraine). After covid, we had a torrent of international students enter, and these folks are bolstering rents (real-estate investment is probably the most profitable activity in Canada).