There are many in my circle of friends who are perplexed by the crazy demand on real estate here in this great city. They more often than not ask me about it when we meet.
I can offer anecdotal reasons...tell them about the Iranian doctors who arrived with two good jobs and spent a cool $2m on a nice house; tell them about the young couple who inherited a bundle and bought a new house (and a cottage), and so on. This isn't very scientific but it is interesting to hear about these new homeowners.
We also hear a lot about foreign investors and I have a few stories about that group also.
However, I think there are signs the craziness south of the border might be fuelling our market, and might continue to fuel it for at least 4 years. No official studies have been completed but when you read about the anti business climate (irony not lost on you I hope) south of the border....it kind of makes sense that Canada, and particularly Toronto, looks pretty good as a destination for those with money and ambition.