There is an interesting finding in new data on foreign buyers in the GTA real estate market.
It shows that between April 24th and May 26th, the majority of the foreign investment was actually north of Toronto.
In York Region, 9.1 percent of residential properties were bought by non-residents while that number was only 7.2 percent in the city of Toronto.
That's according to data analysis obtained by the Globe and Mail.
Benjamin Tal, the deputy chief economist at CIBC tells the Globe, "I think that shows that while foreign investment isn't insignificant, it's not the game changer here, it's not the only reason prices are rising."
A week ago, the provincial government released data that included all of the Greater Golden Horseshoe, a large area around Toronto.
It said 4.7 percent of homes went to foreign buyers.
It follows a move by the government in April to implement at 15 percent foreign buyers tax to try to cool the housing market.