Foreign buyers paying 50 per cent more for properties in GTA
With vast financial resources and a strong purchasing power, foreign buyers -- mostly from China -- set their sights on luxury properties in the GTA. Making outsized offers and winning bidding wars, they prized affluent local buyers out from high end communities into second tier markets, leaving buyers at all rungs of the property ladder facing ripple effects of rising prices.
Foreign investors pay 50 per cent more on GTA properties than the locals in recent months, and the overwhelming majority of them were Chinese -- according to the government data, bolstering concerns that foreign investments play a key role in driving up housing market in the city.
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