In terms of the relationship, of course in theory, if a tax is imposed in Vancouver, for instance, investors who are affected would have an incentive to try to maybe shift to other cities for a roughly comparable investment. I think the one thing to keep in mind here is that, again, there are many factors that are underlying house price growth, and it's not only foreign investment. Foreign investment is one part, but it may not even be the most significant part. There are demographic factors that are really important. There are interest rate factors that are important. There are supply constraints that are important. Just looking at GVA and GTA and seeing one still going up, and one maybe having early signs of cooling off, I think it's too early to just ascribe that to a particular source. We just have to be cognizant that these factors are really underlying the two markets.
On January 30th, 2017. See this statement in context.