<i>What evidence is there that foreign ownership is a major problem? I&#x27;ve heard plenty of anecdotes, but no actual data. I do know that Vancouver real estate agents are milking the &quot;yellow peril&quot; for all it&#x27;s worth. &quot;Buy now before China owns all of Vancouver!&quot;.</i><p>It&#x27;s pretty easy to find them. Google &#x27;Andy Yan&#x27;; he&#x27;s an economist at UBC who did the most recent study.<p><i>Suffice to say, Canadians are doing what American&#x27;s did in the early 2000&#x27;s. They are going into a crazy amount of debt to buy housing, which is only pushing prices up even higher.</i><p>Vancouverites are going into unsustainable debt, but at this point mostly for condos, which remain expensive but affordable. The detached house market is long past being affected by CHMC policy and borrowing rules; not even doctors and lawyers can afford the $5-6 million dollar homes that are such a big part of the market here, not even with leverage.<p>This is part of what I try to tell people when they say that the Vancouver housing market is a &#x27;bubble&#x27; - it isn&#x27;t a bubble because it isn&#x27;t being driven by leverage; it&#x27;s being driven by regulatory differences in Canada and China; China has a punishing inheritance tax, and Canada has the most lax rules in the OECD for importing money and buying real estate. There simply is no &#x27;bubble&#x27; here to burst. That&#x27;s not to say that the situation isn&#x27;t extremely unstable, but without leverage this simply isn&#x27;t a &#x27;bubble&#x27;.