It will take a multi-pronged effort to fix because there are several different pressures. The rate of immigration in Canada has been increased, and will increase again, without any intervention to fix housing regulations and incentivize rate of creating new structures.

Since the demand is growing faster than the supply, you can both a) curb the demand, by lowering the ludicrous immigration rate, b) fix regulations and impose other restrictions on foreign ownership. And if you refuse to do 'a', then you have to double-down on 'b'.