Still a couple months to go before we can officially call it a crash. That timing is totally dependent on desperate sellers, and how long they can hold out. Still no listings in the neighbourhood.
But this stuff is coming out. Toronto was such a hot market for the Chinese before Nov 8, that would do anything to get in. Then trumpy attacked and, as well, the hot money tap was turned off in China. These scams are coming out because in any Ponzi scheme you depend on money coming in to pay off the 'investors'. Once that stops, the scheme collapses. They mention $1B, it's probably more.
For the market, in general, there is the 'Greater Fool Belief'. It's sometimes called 'theory', but let's not tarnish the Scientific Method here. :) It's the belief that you can pay any price for anything as long as you think there are bigger fools out there. That was the frenzy BT (before trumps).
Anyway, go back to sleep until June. You can't really tell anything before then because you have no idea how many people are holding multiple housing units. It was the standard way to make money in the outer house zone, so I suspect it is a lot.