I couldn't find a good comment here about how property taxes work in Canada, so I dug up: https://torontoist.com/2016/12/how-property-taxes-work-toron...

If this is indeed the case, Toronto's housing will not price correct: ultimately, capital from China/wherever needs a place to be parked, and it will flow most to the places where taxes are lowest: hence Toronto (see above), Vancouver (see articles listed in this discussion along with some steps taken to patch the issue), SF Bay Area/California (Prop 13 makes it attractive).

I ran through this thought experiment now to understand why East coast real estate (e.g., Boston) as well as Seattle don't see as much absentee buying.