Possibly but not here in the greater Burlington/Hamilton area.  Three open houses today in million dollar homes were filled up with Asians.  I had to politely ask two families where they were from and both said Toronto.
No problem here in good ole Burlington folks.  Torontos wealth from offshore money is now flooding our good old town further pushing out our kids from ever owning a home here.
I am disguisted with the politicians in not putting forth some form on controls concerning the spiralling prices.  If they had been a proactive maybe the indebtetness that young families are facing would not have ever occured.
The government is addicted to the land transfer taxes and will always promote the illegal money laundering which has pervaded our SW Ontario cities now for many years, and I am afraid it is just the beginning of more hardships.
There is NO correlation to retail sales and housing pricing   Its all BUNK.  The housing market will only slow down when the above is addressed....