I live an hour from Toronto. Single detached homes closing prices went up 40% since last April. It's an unsustainable bubble.
This is a speculation bubble.
The City of Ottawa includes the core of Ottawa plus all of its suburbs (excluding the Quebec side) and does not even top a million people. Everything is spread out and suburban such that our capitol is more like a bunch of closely spaced towns than anything resembling an actual city.
The City of Toronto (which excludes most of the suburbs) is, on its own, triple the population of Ottawa. The Greater Toronto Area is over 5x the population of the National Capital Region.
(Vancouver passed a foreign home-buyer tax; suddenly the housing market there began to cool down. But, very likely, all that money didn't just stop trying to find a place to "land"; it just skipped over Vancouver for the next-easiest city to invest into.)
If Toronto enacts similar measures, the money will just move somewhere else again.
Condos, especially 3 bedroom and 4 bedroom condos are on fire right now, because families need a place to live and those are the only homes they can afford. Detached houses east of Cambie are dead right now; all the foreign investors are in Toronto.