Nothing simple about this picture as Canadian cities have become hedge-cities for the wealthy from everywhere but Canada.  Many of them have zero desire to live here.  As soon as Vancouver slapped a 15% levy on foreign nationals, the Toronto market went from sizzling to outlandish, as they raced to fined another safe haven.  If this was anywhere else in the world, FN's would not be allowed to speculate on what amounts to a basic human need: shelter.  Vancouver has an estimated 20,000 empty homes...all of that available shelter when homelessness is at a shameful level and increasing daily.   

If the demand side of the equation was kept to individuals that are working, living and earning their money in Canada (PR's, CDN's), we would not see the stratospheric price levels we are in major Canadian cities.  This will end badly, I just hope that it doesn't drag the rest of us down with it.