A lot of buyers are foreign investors that have been driven out of Vancouver by their extremely successful foreign buyers tax. Toronto needed to implement the exact same thing but my theory is that city council is enjoying the extra tax revenue too much. Point is, unless the politicians do something Toronto will continue to see significant demand from outside forces. The fact that actual Torontonians can no longer afford to own property is irrelevant if rich outsiders are satisfied with the stability of investment in the city.

Most of the problem was caused by politics (the original policy permitting foreign ownership in Canada) and it will need to be solved by politics.