Foreign buyers are a very small factor.  The low interest rates and questionable lending practices are the larger problem (I for one am waiting to see if what they find at Home Capitol is swept silently under the rug).  Fact is that average familial yearly income levels in Toronto is pegged at 75,000.  Based on this income level there is no way home prices should be at the million or more mark.  So far a correction of 22% has happened since the highs in April 2017 (between 170 and 200 grand).  Royal Bank is now stating a decline of 40% but I am more inclined to believe Prem Watsa (look him up very intelligent man) who thinks up to a 65% reduction.  If there is a 65% reduction home prices will fall in line with income levels (look up price to income ratio).  A lot of people will argue over data and say this is a blip cause really they're hoping it is as they have a lot to lose if it isn't.  I feel bad for those people...especially the ones that don't get out while they still can.