Doctor Demento:  How can you be so certain that the money is coming from foreign investors?   We as Canadians are just as greedy and blinded by illusion of being a real estate millionaire. When this bubble bursts and homes sell for 1 years wages then the real Einsteins will step into the market and buy them up like they did in the US, rent them out for reasonable rent for a typical return of 20% on their money and sell them 5 to 8 years later when the market recovers to 3 times earnings, just like the states.  We just came back from Florida, talked to numerous real estate agents and they are worried sick that they are getting over inflated at 3 times earnings. We can't change the direction of the wind, but we are going to change the way we put our sails!
My theory is that it is the domestic speculators that are causing the problem, look into it, you might be surprised!!!  Captain Einstein and the Mrs.