You might want to check your facts with the local school boards in the GTA.   There has been an exponential increase in mainland Chinese kids entering our schools over the last 18 months.  That is foreign money with the foreign fathers still working in China. Total family income $32,000.

You're probably correct about empty homes but empty condos are a different story.  Try heading down to the new condo alley at Parklawn and Lakeshore and look how many condos and in some buildings entire floors remain dark at night even two years after they have opened.

Rates are not the problem else we'd see the same problems in Montreal, Calgary, Edmonton, etc.   Montreal homes are up 3.5 % on the year.  You watch the Ontario government will copy what BC has done but only for the GTA region.  Ottawa will then be the next city to see the rush of foreign capital come gushing in.   Just in time for the MPs who missed out in Vancouver and Ottawa to cash in with their conflict of interest properties.