Perhaps speculation is not a convincing reason to not recognize a clear cause effect relationship. Its is not affecting every desirable major city the same way. Its happening in other international cities, but not on the same scale nor with the same intensity. Australia has clear rules to avoid this problem while Canada does not. China had a major real estate bubble burst five years ago around the same time that money came to Canada and other cities. But have no doubt that Canada is seen as very desirable, open for exploitation and cheap.   Canada is and has been sleepwalking on this issue for a ridiculous amount of time.  The evidence is there its clear and policies that work are available. The biggest problem is a greedy realtor lobby, complicit Canadian  banks and a careless and callous government. and Toronto working kids will pay dearly for the  negligence.