I don't think prices will go down as a result. For dirty / at-risk money pouring in from overseas, the 15% tax is just the cost of doing business, and that's as

I don't think prices will go down as a result. For dirty / at-risk money pouring in from overseas, the 15% tax is just the cost of doing business, and that's assuming they don't find a way around it like using a Canadian proxy buyer or shell corporation. If someone is buying a 50-year-old teardown with asbestos and mildew for $3 million, do you think they care if it becomes $3.45 million with the new tax? They just need to get the money the hell out of Dodge (China). What the tax can achieve though, is build up a stockpile of money for the government to address the affordability problems by improving mass transit, building affordable housing, etc. This is the realistic best-case outcome. Prices are not going down.