Asian investors fuel Canadian housing bubble

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During the summer, the Richmond, British Columbia, housing market finally cooled down -- much to everyone's relief. Here in the United States, the Richmond we know is the capital city of Virginia, but just a bridge away from Vancouver, British Columbia, sits the bedroom community of Richmond.During the period from winter 2010 to the end of the following spring, Richmond, British Columbia, was not only the hottest market in the Canadian province, but probably across North America as well. Here are two telling statistics: From November 2010 to May 2011 the average price of detached homes in Richmond skyrocketed by $200,000 (in Canadian dollars -- which at the latest exchange rate is almost exactly even with the U.S. dollar); in April, near the height of the feeding frenzy, the average time on market for Richmond for-sale homes was just 18 days."In my 34 years of selling out here, I never saw a hotter market," said Jake Moldowan, former president of the Real Estate B...