From a recent article in the Financial Post about the effects of housing prices due to COVID-19:
Razia Husein, a Toronto realtor whose clients comprise mostly wealthy foreigners or permanent residents residing abroad, says that she’s had trouble selling downtown condo units that some investors would buy in bulk in a typical year.
“I sell 8 to 10 units, either pre-construction or newly built, to one buyer (in different properties). Some are from India, some are from the United Kingdom, some are from Trinidad. I tell my clients to not put all their eggs in one basket.”
This year, Husein says she’s trying to facilitate sales on the phone, but it’s proving to be difficult. “They need to get on a plane and come and see a unit, or see the area. So I’m just doing a lot of rentals right now, I usually manage these investors’ properties, and find them renters,” she added.
https://business.financialpost.com/real-estate/the-theory-of-immigrants-and-foreign-investors-driving-canadas-property-market-is-about-to-be-tested
So the wealthy foreign investors travel to Canada to look at the condo properties to buy here. Then they leave Canada. They buy condos in bulk, and then have their real estate agent rent them to people in Canada. How in world is this legal? Canadians are getting screwed. Foreign investors are helping to drive up Canadian real estate prices.