Can I put a thesis to you?
If there's a complete disconnect between the local wages in a market and the price of an asset, is that not a sign that, by definition, extra-jurisdictional capital must be playing a significant role? If people here in Vancouver can't afford to buy the house for $5 million on the Westside because it's totally disconnected from what people are making, is that not a sign that there has to be capital coming from outside that market?