Check out this proposal for a surtax which more targets the issue from a different direction, with a more simple implementation than foreign buyer or vacancy taxes.

> One example is the Immigrant Investor program, where those wishing to immigrate would make an interest-free loan to government of $400,000 in exchange for landed immigrant status. UBC geographer David Ley has shown that investor immigrants in the Vancouver region represent nearly 10 per cent of the Vancouver region’s population. That population paid, on average, $1,400 in income tax 10 years after immigrating. This is less than refugees. > … > A property surtax is an elegant and legally safer way to reduce foreign capital flows into Canada’s cities than the new foreign buyer’s tax. A one per cent surtax would work like this: if you own a $1 million house, you will receive a surtax bill for $10,000. If you have already paid equivalent income tax, are on a disability pension, or if you are a retiree on CPP, the tax is a full deduction—you’ve already paid, thanks.

http://www.macleans.ca/economy/economicanalysis/a-roadmap-fo...