Rising housing prices in Toronto is not to due to foreign buyers, reports OPP Today (21 February 2017). While first-time buyers and foreign buyers have been blamed to be the cause behind Toronto's burgeoning real estate bubble, a recent report from Canada Economics Weekly has revealed that the true cause behind surging Toronto property prices are actually move-up buyers who are greatly leveraging the equity in their existing homes to either buy investment property or to upgrade to a more expensive primary home. According to Charles Pittar, Chief Executive Officer of leading Chinese international property website Juwai.com, foreign buyers are not a big enough player to warrant such blame, and should be welcomed instead as they have been crucial in aiding developers gain the sales required to begin new construction projects. "Economic analysts place the blame squarely on move-up buyers who are selling the homes they already own to buy an investment property or a more expensive primary home. Analysts also state that ‘pure price speculation’ and ‘investment mania’ has gripped Toronto and drives its price bubble. Frustrated first-time buyers should welcome foreign buyers, whose investments in the condo sector contribute to the construction of new supply. They should call for new mortgage rules that make borrowing to buy multiple investment properties more difficult. Policies aimed at discouraging foreign buyers are likely to reduce new supply, which could increase prices. They won’t do anything about the real causes of the price bubble,” said Pittar.