I understand it has been a popular narrative for a long time. Most studies have shown it’s a tiny percentage of home sales. There are also now significant taxes on foreign ownership, and statistics show this is having the effect of deterring buyers.

“CBC's analysis suggests foreign buyers account for about 1.8 per cent of total home purchases in the GTA (Toronto plus the regions of York, Peel, Durham and Halton) since the tax was imposed in April 2017.”

A common rebuttal to this is “well they use corporations to shield the true origin of the money”. Why not just park your money in the US where no such taxes exist and is overall less hostile to foreign ownership?

https://www.cbc.ca/news/canada/toronto/ontario-foreign-buyer...