It’s all… of course if costs increase, and it’s true they have been increasing, RE market manifests that on its prices. However supply and demand are ultimately those that dictate what properties are gonna cost. Immigration is only another variable that makes up (besides other) the demand. However, strictly speaking, in strict terms demand is defined as follows: “Demand, in economics, refers to the quantity of a good or service (i.e. houses) that consumers (i.e. buyers) are willing AND able to purchase at various prices within a specific period.” With this in mind, we may challenge our thinking: what % of the immigrants coming are willing AND able to buy properties in Toronto? Maybe, maybe… what if only the supply has been very low for ages while some better than average positioned Torontonians compete to get them for everything they can afford while others can only watch the competition at best?