On our street in Mississauga, Erin Mills Town Centre area, 7 homes were sold on our street to Asians. All homes sold for above asking on average, about $100,000.00 over. Most of these homes received bully bids. Homes on our street are two story about 2400 square feet. All homes on our street were built around 1991. 
The main draw to our area are the variety of schools and apparently how highly they are rated. We bought our home about 8.5 years ago and the value according to our tax bill has doubled. We bought our home to live in and to get close to a high school for our children.
The real estate agent who sold all of these 7 homes ( and made a handsome commission) was blunt in that inventory (lack of) was the key factor for the sky high prices. 
By the way all the occupants of these new homes renovated after they moved in. Even though most of the homes had already been updated. Who has a spare $100,000.00 after they bought a home for a million dollars?