Toronto real estate was and will be on fire because it's fueled by immigration and that's not going to be cut back on. There's other factors people touch on, like inherited wealth, job growth, NIMBYs, low credit; but the basic fact is that real estate is near completely detached from Canadian wages. It's wealth, not income, determining housing in Canada. We are not a fair society where you work hard and do well. We are a society where you work hard and can pay more rent.

The Chinese bought up all the condos, Indians are buying up all the suburbs. Look at the demographics on the new suburban developments in the GTA: Makrham, Milton, Brampton. These are mostly people that arrived here yesterday and the numbers will just get higher.

Canada will continue to bring in millions of people a year because it constantly loses talent to better places like the USA and Europe. Most of them go to the GTA.

It only makes sense when this simple truth that it is immigration is in the open.