"The most notable shift during the quarter was the strong increase to real estate – from 30 per cent of the portfolio to 32 per cent, an increase of 6.6 per cent."  If these rich investors are betting on Canadian real estate, they're going to lose a bundle, better to invest in American real estate at this point.  This is what Prem Watsa says about Canadian real estate: "In April of 2017, Watsa brought attention to concerns of a real estate bubble in Toronto. Watsa asserts that most Canadian banks cannot survive a 50% drop in the value of real estate. "It's going to come down, and a lot of people are going to get hurt" said Watsa during Fairfax's annual general meeting."  https://en.wikipedia.org/wiki/Prem_Watsa

Side bar: Home Capital Group is close to bankruptcy and Walton Group files for creditor protection, two major Canadian RE institutions ... Equitable is the next one in the batter box of bankruptcy, they had to borrow money too.   Looking awfully like the Canadian Lehman moment.