So let Canadians compete for housing with money that isn't taxed like they are?  That has no relation to income levels or local economies in Canada?  That, due to government policy, enjoys capital gains exemptions nonetheless?  The market is grossly distorted by these "international investments," and most Canadians don't have the option of "going elsewhere" to find housing.  Should those who live and work in the GTA have their lives turned upside down by mega-debt and displacement so international money can run free?  What happens to a local  economy when the locals can't afford the housing?  The steep climb in RE prices isn't due to the genius of local homeowners who bought 7-30 years ago.  They have benefitted from a recent, giant wave of foreign money that has washed over them.