The government has other means to tame the housing market bubble.  Economically speaking, I struggle to see why the rest of the country should struggle unnecessarily from the implementation of higher rates solely to deal with a housing problem that is localized to Toronto and Vancouver.

For example, in Toronto, it has been noted that the absolute secrecy involved in the "multiple bidding" process has led to purchasers paying much more for a property than had there been more open bidding process from the outset, one where  multiple bidders could see each other's bids.  One thing that Premier Kathy Wynne could do in Toronto and Ontario is to legislate for complete openness in the bidding process, more similar to what one sees in places like New Zealand or Australia... but then has Kathy Wynne ever supported anything that called for more fairness and openness?  Sadly, her pathetic record has premier hasn't shown this to be the case.