On: Canada bans most foreigners from buying homes

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Previously demand was induced locally as a basic need.

Beginning with Japanese surpluses and no better place to reinvest, their corps. began picking up real estate as foreign investment.

Today high worth individuals with excess cash are driving worldwide demand. They are not going to live in most of that real estate.

Todays dynamics are different. It looks like Canada is tackling the problem in the right place.