I think that's more media spin. The actual sales stats show a TINY fraction of sales are to foreign owners, but more often for very expensive properties ($2M+), which can make things appear differently. Over 99% of homes, even in Vancouver, are sold to Canadian buyers.

But the spectre of "foreign buyers" does help the real estate industry by adding pressure to increase bids. I'm not suggesting there's a conspiracy, just that it's a narrative many actors independently have a monetary incentive to push.