Not quite accurate.  Of course there is tax evasion and lots of abuse of the principal residence exemption; however, the bigger problems include:
1.  The emergence of China as a global economic superpower
2.  Federal and Quebec gov't policy that winks at massive levels of immigration fraud wherein wealthy business immigrants pretend to go to Quebec when in fact they intended to move to Vancouver/Toronto all along
3.  Programs that encourage foreign students to attend university in Canada and subsequently qualify for immigration
4. Financial repression on the part of federal governments and central banks keeping global interest rates near zero.  This reduces the cost of financing real estate purchases, contributing to the housing bubble and at the same time discourages folks from investing in low interest fixed income securities.  

The solution:  well, we could re-introduce the head tax, ban foreign students from universities, and expropriate immigrant properties.