You know some countries GIVE residence or citizenship for investing fractions of the amounts involved here?  Did you want 15% less on your home sale? This is just screwing over home owners by people who want homes. The answer isn't taking money out of the system it is solved by increasing supply through affordable housing. Not only will this make homes available for people who have no hope of accessing the market but it creates low cost homes for Ontarians, something you won't get even if you take away the foreign buyers. Foreign buyers bring money into the system. PRODUCE MORE GOODS FOR MORE PEOPLE. You can't make more supply by removing one class of buyers, and lowering demand weakens the economy if you are taking out fresh capital. An actual solution for the government is to build affordable housing, interference in the free market is wrong. We don't need market controls we need an expanded market. If this is such a hot game how can the gov not make money on housing? Screw up maybe.