Originally Posted by whatnext
Its when a market becomes distorted by people not working and earning in that market that problems arise.
The winning bid of $1,180,800 came from a university student whose parents live in China and own a business in San Francisco. There were four other bids of more than $1 million...[/I]
This is a university student attenting classes in a Toronto university (I.e. living here full time).
Toronto has had very good luck in keeping around international university students long after they finish their classes, either directly as residents or indirectly through business partnerships with local firms.
There is a very good chance that this student and their children will be contributing to Toronto's economy for decades. They also tend to draw the parents into the city as well through business partnerships.
Big difference between someone investing sight-unseen and someone buying a family member a place to live.