[nomeddie]

North of Toronto, Vaughan specifically, quite a few homes on our street selling for slightly under $2m. Over the last two years, three homes were sold to Chinese nationals who never even set foot in them. Viewings were all via video.

The transactions were all brokered /over/ asking price in cash and are sitting empty ever since. They remove the snow, they do basic maintenance, and everything is again documented via video and shipped off to confirm a job done.

Many families came for the listing but all were outbid with much more favourable terms, quick closing, no inspection, no approval required for funds, etc.

The money is definitely being parked in many pockets of the city via Real Estate. Is it exclusively Chinese? No, but they are by far the larger demographics that parks the money in the home and keeps it empty. I've seen others invest in Canada as a means to get citizenship faster but they usually rent out the homes to generate some money back.

Whats there to complain about? Agents are making their commission, the city is getting their taxes, the province is cashing it on their taxes. Everyone is happy.