And very average homes too. Most sellers have inherited their homes. Some others bought them really cheap 20yrs ago. The immigrants end up buying these overpriced homes. Banks are happy to provide mortgages(some with a free iPad)dont come here, you wont be able to afford a house anywhere in GTA. lots of foreign/black money is causing massive bidding wars.
Immigration is a business: the banks, the lawyers, real estate agents, businesses, builders, car dealers- all of them benefit but the average Joe.