There has been plenty of media attention to the housing market in and around Vancouver, BC of late. With the skyrocketing prices, seemingly driven by foreign buyers, many local residents have been looking for government intervention to curb interest. From a more national perspective, people have been discussing how the new 'foreign buyer tax' in Vancouver may slow down our market growth -- while we feel it may do exactly the opposite! In fact, I expect to see an uptick in the volume and pricing in the Toronto area and the surrounding GTA/York Region. Foreign investment is at an all-time high. They want to invest here. They want to move here. If it simply costs more to move to Vancouver, then why not spend less and come to Toronto. I think we will very quickly see the outcome of their taxing providing a result that they simply aren't expecting.
Besides, look at the incredible number of loopholes for a foreign buyer who is set on purchasing.
See this article from the CBC on the new Realty tax on foreign buyers.