[C-One]

You people do realize that taxing foreigners an extra $50,000 / $100,000 / $1M is just taking money out of the existing homeowners - most likely a Canadian resident and giving it to the government?

Anyone buying regardless of foreigner or local has a maximum amount they are willing to spend. Taxes, fees, etc all inclusive. Whether that's a million or a billion dollars. All a tax does is take that portion they were otherwise willing to pay the Canadian resident for the house and now it goes to the government.

Example:

A house is for sale $1M asking

Situation 1
Local willing to pay $1.5M
A situation with no foreigner tax and foreigner willing to pay $2M.
Foreigner gets the house
In this case the homeowner gets $2 million for his house


Situation 2
Local still only willing to pay $1.5M
10% Tax on foreigners sales
Foreigner is still only willing to pay $2M
In this case:
Homeowner now only gets $1.81M
Government get $18,000 as a 10% tax
Foreigner still only pays 2$ in total

So while everyone is keen on taxing foreigners all it does is take away from existing homeowners. That is those of you that already own, or friends, family and parents.