Where is your proof?  There is none.
Are you taking about Gordon's article?  It is full of flaws, in particular the issues pointed out in this article is that there is a serious mismatch between what is being build and what buyers want.  The result is bidding wars for what people want i.e. single detached homes and that pulls up the rest of the market
  Simply stating that the "the only mechanism that can mathematically and economically explain the noted hose prices" is foreign money is not supported by facts, but is a supposition.  If it was all foreign money then there would be massive unoccupied housing in the CMA and I don't see it and niether does the government. 
What is also not address be either Gordon nor Clayton is that about 30% to 40% of new condo construction goes directly into the rental market.  Last year there were over 160,000 rented condominiums in the Toronto CMA (CMHC data).
Want to reduce house prices?  Raise interest rates.