Absolutely. The same thing is happening here in Vancouver and it is eventually going to suck the life out of the city. Beautiful homes in formerly vibrant neighbourhoods are left empty...indefinitely...held as an investment by offshore owners. The governments (provincial, civil, and federal) have no intention of limiting foreign ownership so it will continue apace until nobody wants (or can afford) to live here. I rent a house that was bought in 2014 (when I moved in) for $800k and it's now worth $1.5M. Foreign investment is driving this.
Ah! I was hoping someone from Vancouver might comment, as I have heard through the grapevine that there is HUGE foreign money (mainly from China) buying up land there, and driving prices sky high. Hadn't heard much else than rumor about it though. Hopefully Vancouver will figure something out, I hear it's a very nice place to live.
