Absolutely. The same thing is happening here in Vancouver and it is eventually going to suck the life out of the city. Beautiful homes in formerly vibrant neighbourhoods are left empty...indefinitely...held as an investment by offshore owners. The governments (provincial, civil, and federal) have no intention of limiting foreign ownership so it will continue apace until nobody wants (or can afford) to live here. I rent a house that was bought in 2014 (when I moved in) for $800k and it's now worth $1.5M. Foreign investment is driving this.