Canada has more housing supply per-capita than the US and many other western countries, but housing prices that are multiples higher (when adjusted for household income).

Many analysts have pointed out that Canada in general does not have a housing supply problem. Or not a particularly bad one.

What we have is a more generalized housing market problem: bad or badly regulated realtor practices, excessively low interest rates, and excessive speculative investment.

Foreign investment does not appear to be the cause, but it's a nice strawman if you want to win elections.