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I was going to write a big discussion on this but decided against it.

The Cole's Notes version is that yeah, it didn't affect a lot of people (let's say 1,000) but it had a huge impact. Due to commitments to buy and lower sales prices (in one case I know of 30% below asking) these thousand families have hundreds of millions more in mortgage debt. That's going to have a massive impact on the economy in a very local geographic area.

For those that can't complete their buys that's going to cascade down into many other sales and cause long and complicated litigation costing these families more.

The prices stalled but at what cost? And how long do you think they will really stall for? Do you think any of this affected any investors in a big way? Are homes now affordable? Even if they drop 30% across the board is it the foreign investor who is hurt?

I stand by that this hurt Canadians more than foreign investors.

Simon
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