An interesting proposal, Doc.  Still, money finds loopholes.  I can imagine international university students set up in arranged, "part-time" Canadian jobs that pay $10K per year in order to qualify for the "low" property tax rate.

The federal and provincial governments need to step up and co-ordinate income tax reporting.  Real estate shouldn't be available to anyone who can't show income and/or "gift" money commensurate with purchase prices, and that income taxed in Canada.  Show that Canadian tax is paid on the income required for purchase or pay 20% of the value of the property per year until such evidence is produced.  And, until Canadian income tax evidence is produced, no capital gains exemptions on any sale of the property.