The problem is supply (and demand) management.
Someone supplies built houses for those who demand houses to buy. But the opposite is true also. Canada supplies people who want to buy houses to the builders who demand buyers.
When the government controls either side, it becomes socialized i.e. the means of producing buyers/builders is controlled by the people through the govt. For a long time the government allowed anyone in the world to easily buy homes in canada. Canada managed to expanded demand, or, Canada expanded the supply of buyers by being permissive. The same is not true in the other direction a Canadian can't easily buy a home in India/China (nor do they want to).
By having excessive regulation, Canada manages the supply of builders. By allowing infinity immigrants, Canada manages the supply of buyers.
IMO, the Canadian housing market should be for Canadians. Speculation is a derivative of demand. Unsocialized demand would likely mean speculation would reduce/cease.
