What's really driving Toronto's red-hot real estate market
Ontario Premier Kathleen Wynne is signalling she won't follow British Columbia's lead and slap a tax on foreign buyers of residential real estate in the Toronto area.
People who watch the Toronto market closely say that makes sense, arguing that foreign buyers are a limited factor in driving up local prices. They're pointing to a different, home-grown source of the surge in demand: investors who are buying houses not as a place to live, but as a place to grow their money.
The craze has thrust many would-be investors into a market with a limited housing supply, where they compete with people who want to buy a home to live in, bidding up prices.