15% foreigner property transfer tax is "working". If a foreigner anticipates a 20% annual  property appreciation will he hesitate to pay an additional 15%? I don't think so. He knows very well that he could recover this amount within one year. This tax must be around 100%. Besides that, the real problem is the supply and the local demand. In about six months Toronto also will be in the same situation. Toronto's problem is due to the lack of buildable land due to the restriction imposed by the Greenbelt.