No. I suggested it is a factor, not the factor. There is certainly foreign investment in all major international cities, in particular in Toronto and Vancouver in this country. I am more concerned about the future of it than the current state of it.
It is certainly a factor, but the work we have done on the factors underlying escalating house prices has shown that there are three principle reasons for increased house prices. These are low interest rates, increased incomes and jobs, and immigration, which tends to arrive in Vancouver and Toronto.
On top of that, there is foreign investment, certainly, and domestic investment, which is an even larger factor than foreign investment in our country. There are income and wealth effects, and finally, there is constricted supply. In fact, in our work, the evidence would suggest that the two markets with the slowest and weakest supply response are in Vancouver and Toronto.