Maybe Mr. McKenna has some Toronto property he hopes to sell.  You would have to be pretty naive to believe the realtor's estimates, given their self-interest in more deals at higher prices.  2% or 5% is laughable - the fraction of foreign buyers in prime areas is way above that.  It is true that the domestic buyers are also paying nutty prices - so why do we insure such mortgages?  If the Globe really wants to do something useful, give us some articles about the number of 10-year visas, what people are allowed to do on those visas, the numbers of people overstaying visas and not tossed, etc.    Look at immigration by country, including how many are coming in as fake refugees, etc. or how many come under the investor program, then make the "business investment" of a house in Oakville?  It is ironic he talks about job opportunities when it is becoming obvious that workers and even business owners cannot live in TO and Vcvr at current prices... The normal economy will die, slowly.