I have to chuckle at the thought of Trump introducing such a tax on foreign house buyers. Imagine the outrage!
A 'national 15% tax' would have been much better.
Buyers from Van have shifted to Toronto. Which kind of defats the point - one city passing on their disease to another.
Globalization is having some crazy effects on the entire world, and we need some new laws.
A 15% tax on all foreign buyers on all homes in the world would be appropriate - these are not 'stocks' or other assets - these are the homes that people live in, and they are forced to gamble with their entire savings and future savings due to shifting economic tides that they don't have the capital base to deal with.
When shifting economic tides disrupt markets - the big winners are those who have enough capital to withstand the storm - they come in and pick up the pieces. Much like farmers during the great depression forced to sell their land cheap to big banks.
Also, I agree that there should be a difference, and that should be reflected in the tax as well.
Non local residents 15% tax, resident, non citizens 5% tax, citizens 0% tax. For every regime.