“Using new data from the Canadian Housing Statistics Program (CHSP), this paper provides a basis for an integrated account of the Canadian housing market in the last two decades. It shows how the housing markets in Vancouver and, to a lesser extent, Toronto have become de-coupled from local incomes due to significant flows of foreign capital.”
Regardless, is there a case to be made why a country should allow its housing supply to be treated as an investment vehicle, instead of the more beneficial purpose of housing its citizens? In cases like this, where a state’s obligation to the welfare of its people seems self-evident, the burden of proof is on you to to show that the massive and widespread foreign investment in real estate leading up to a housing affordability crisis somehow was not a factor.