Developer and big bank enable non-resident buys via overseas transfers. Context: real-estate money-laundering (Silver International; Project Sindicado), weak enforcement, and foreign-buyer-ban loopholes. Metrics: price-to-rent ≈26 (renting favored); estate-sale listings up; new house/land index −~2% since Aug-2022 peak; only 118 new condos sold (builders warn “drought”). Owning costs beat rent. IPRO trust-fund suit; photo-op homes. Big picture: wealth concentration, not supply alone.
Canada
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