Foreign buyers are not the biggest reason why home prices are increasing!!!

Foreign buyers are not the biggest reason why home prices are increasing!!! Statistics Canada released information finally sheds some light on the issue.As it turns out, the percentage of homes owned by non-residents in Toronto and Vancouver is actually much lower than previously thought — just 3.4 percent in Toronto and 4.8 percent in Vancouver,defying the notion that non-residents are rapidly buying up luxury property in both cities.The data is a result of a collaborative project between Statistics Canada & the Canada Mortgage and Housing Corporation and comes just 8 months after the Ontario government imposed a 15 % tax on foreign buyers of Toronto property — a move that seems to have rattled the housing market, successfully taming home prices.