From Motley Fool:
The thing to realize about the price-to-rent ratio is that it is not effected by immigration. Any new demand due to the growing population puts equal pressure on both rents and home prices. Some even argue that immigration puts even more pressure on rents than on housing prices as newcomers usually rent before buying. Yet, even with increased pressure on rents from the newcomers to Canada, the price-to-rent ratio still keeps rising.