I’d think this is more to do with a bubble fever that is still gripping Canada. When local bubble markets reach saturation point, investors start looking further afield. When the bubble bursts, there’s a retreat. Foreigner investors are prone to getting their fingers burnt, because they are either in capital appreciation mode, or fail to take into account exchange rates and other local conditions, or fail to realize the importance of finding reputable property managers. You also need to remember that Americans have been equally active in local housing markets in other countries. Ask a Venetian …if you dare.
