For the Japanese it was cheap debt that exported property inflation which led to an immediate drop in liquidity however currently there is cheap debt locally and its the locals participating in the real estate speculation.
the actual foreign ownership is like less than 5% in Vancouver yet the media and establishment constantly loves to shift attention away from REIT and institutional money, rich Canadians and against scapegoat groups.
unlike the melting pot system you have in America, Canadians fall into ethnic tribalism, safety in similarity. There's an idea that everyone can be Canadian/American but its implicit understanding that it is false. Canadians have this sort of superiority complex and see themselves holier than thou, it is far more broken than America in some ways and just in my personal interactions, Americans by large, were far more "Canadian" than real Canadians.
The country honestly feels very much broken and the more dystopian and divided it becomes, the more it will push people on the fringes away to isolation. Ethnic enclaves aren't by choice, they are a byproduct of an unwelcoming and implicitly hostile incumbent establishment.