I like to use the phrase “global capital”, because some of that capital is coming from within Canada and some of that capital is coming from outside. Generally, it's just the assessment about the worth of a particular investment opportunity, be it a condominium or a piece of land. That assessment is based on what you think the return is going to be over time.
Canadians are investing, but people from other parts of the world are also investing in assets they see as favourable. Right now, Vancouver land is one of the most favoured assets to buy, globally. As I mentioned before, you have to be stupid not to buy Vancouver real estate, because it seems to be a dependable way to get 10% a year in appreciated capital value against other options that return only 4% or 5%.