Money was the foremost concern in Canada’s immigration policy throughout most of the 9 years of the Harper administration. All you needed to be is rich to enter and invest in Canada.
The rich did come in, and many invested in real estate. This sudden demand increased the price of houses and spiked real estate speculation.
The situation unchecked by federal, provincial, and municipal governments benefitted developers, who filled their coffers. The rest of us were left to deal with an unprecedented housing crisis.
House prices in Vancouver are now among the highest in the world. In 2014 The Economist placed Vancouver house prices second only to Hong Kong [Click on the image to see the article]