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This development boom, and accompanying price increases, is not about housing to meet a sudden surge in population.
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I'm no expert, but the GTA has been growing by well over 100,000 a year for at least the last decade, and there is a greenbelt policy limiting suburban expansion. Increasing density has come to be seen as a good thing in Toronto, and the downtown has gained momentum. It's now seen by lots of people as the place to be. There is a palpable sense of critical mass.
Isn't it far too simplistic to characterize the condo boom as being solely driven by foreign investors?