This is exactly what you would expect to see in a city where demand is largely driven by people living and working in the area, but in some large international cities (Vancouver, London I'm looking at you!) Speculation/Investment from non-residents makes up a such a significant part of demand and the highest margin part of that demand, that there is a risk of new builds becoming "empty nest eggs". [1]

http://www.cbc.ca/news/canada/british-columbia/vancouver-non...