..."An example was given during the course of the meeting that if someone saw a group of people who were of Chinese ancestry buying houses, would you reach the conclusion that they were from China, buying those houses? Or might you more accurately reach the conclusion that they were from Markham or from somewhere else in Toronto,” Mr. Tory said."

But there is another rational that the buyers (regardless of ethnicity) who are paying $2 million dollars for that house may have earned/sourced that money from outside of Canada. They may be here on 10 year visitors visas, or have a child on a student visa, they may have new PR status or new citizenship, or mom and dad could have gifted money garnered from another country, or they may well be a "foreign" buyer.

But if the money being used to ramp up price and demand is not the result of income from working residents, then this is an unlevel playing field where the average working family cannot compete.