I'm claiming the fundamental underlying demand is for actual housing. Canadian cities are not allowing enough housing to be built for their increasing population, which leads to a price spiral, which in turn attracts savvy investors.

Who ultimately owns the properties does not really enter into the price equation.

I know the stories of how foreigners are so greedy that they buy houses but decide to forego the income from renting them out. Those anecdotes don't pass my smell test. Greedy people like to have income!