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Offshore Bids Price Canadians out of Housing Market

Blog by Jennie Frizzo | March 15th, 2012

Overseas investors are snapping up properties in Canada's largest cities, driving up prices and pushing ordinary Canadians out of the housing market, observers say.

Real estate experts call it the "new reality," and the high price paid for a north Toronto bungalow is the latest evidence.

This month, the three-bedroom bungalow, circa the 1960s and without much updating, sold for $421,800 over the asking price, creating a buzz among agents and other buyers.

To read the full article follow this link:         http://www.cbc.ca/news/canada/story/2012/03/14/real-estate-overseas-investors.html