That's a bit misleading. One of the factors driving up prices is the fact that we have a rare situation in which much of the immigrant population is far wealthier than the existing population. Having purchased a house in Vancouver last year, I can tell you I lost out on several bidding situations in which a Chinese buyer had no interest in the house, and was happy to pay well above asking price simply based on the land value. I simply couldn't match their financial resources. The agents I dealt with were telling me that over 90% of their sales were to Chinese buyers. In the end, our strategy involved looking for houses that, for various reasons, weren't as appealing to the average Chinese buyer.

It's really just a numbers game; there are a lot more rich people in China than there are here, so the money is going to keep pouring in, and prices will continue to rise.