/Property is bought by absentee owners who take supply out of the market, drive up prices, but do not contribute to the economy./ This has been thoroughly debu

/Property is bought by absentee owners who take supply out of the market, drive up prices, but do not contribute to the economy./ This has been thoroughly debunked many times. Real estate agents are hiring helicopters filled with asian actors to drive fear. The actual number is something like 3% foreign buyers. Now, if you look at our mortgage rates - the lowest ever in history with the loosest requirements ever, you'll see why prices have skyrocketed. We're following the US housing bubble, but about 7 years late.