It is reported here in BC that the Province relied heavily on the property transfer tax in its budget.
With the imposed 15% foreign buyers tax here in the lower mainland the impact on the property transfer tax has been significant and it remains to be seen how this impact the Provincial budget coming up.
Be careful in Ont to do a cost/benefit analysis before playing with this tax.   There are consequences and many unintended.    
Here the price of a home has not dropped that much but the volume of sales sure has.   Lot fewer sales but at much the same price per unit..