The housing issue has been allowed to continue due largely to the systemic failure of a number of government agencies at all levels. These include FinTrac, the CBSA, Immigration Canada, the legal profession and the Realtors Association of Canada. If anyone believed for a moment that legitimate buyers were overbidding on crack shacks then the government wants you. Everyone knew there was a problem, but for a number of reasons failed to do anything. Sorry Gregor, step aside, it's a little late in the game.
The real concern going forward is how legitimate buyers will be affected when this bubble bursts.