[voisin]

Every country tries to attract foreign investment. It’s a major component of GDP. And the difference between Canada ca. 1986 and 2010 versus 2018-2024 is… monetary policy! (Though admittedly 2010 looks pretty similar to 2018, house prices were already starting their insane run up).

It’s monetary policy. Housing prices are the fault of governments of various levels (constrained supply at the municipal levels, easy credit at the national levels). It isn’t foreigners, at least not in Canada, NZ, England, etc. and I’d bet money it isn’t in Portugal either.

[lazide]

Sure, but that isn’t the assertion I was replying to!

My personal opinion is the wealthy gravitating to a spot are as much about it being a useful ‘nutrient gradient’ on the monetary policy front, after the primary places are exhausted (like the big US cities) or because those places were less accessible now.

But the original assertion I was replying to was that those places never had the rich foreign investor thing happen - when they absolutely did!