Here are the facts foreign buyers get an automatic 25% discount off the price of a home due to exchange. Vancouver is the second least affordable city in the world primarily due to house prices and although a buyer's tax was put in place and sales have slowed but prices are still up. Vancouver's problem is no land, a problem the Toronto region does not have.

Will a 15% tax help in TO, no as we are only on sale at a 10% off. The first step is stopping the option flippers that are selling a contract without buying the house. Require all accepted offers to be registered on title including assignments of options with the realtor being required to get a clearance certificate from Canada Revenue for each transaction. Increase the capital gains tax on options profits to 80%. As for the foreign buyer that actually purchases a home add a non-occupancy tax if the home is unoccupied for any period over 30 days and require the realtor to register the property with the city as foreign owned.