Cheap money policy of the central bank causes this. There's inflation but it's not yet evenly distributed through society.
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Housing is always about supply and demand. The more people that want houses the higher the price will rise. After the GFD of 2008 the banks never wanted to be vulnerable again so bring in more and more immigrants will solve their problems
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Immigration doesn’t raise house prices. Easy lending and too low borrowing rates do that.
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