Foreign buyer's tax... why? Are they not paying enough tax just buying a place?

Maybe the issue is not foreign buyers at all. Maybe it is condominium developers. Why would a developer want to sell a condo today when he can wait for a year and sell it for 20% more? Why wouldn't developers act to actively inflate prices?

There is also enough evidence that condo boards are infested with corrupt Directors and million dollar carpet purchases that it is not unreasonable to believe that developers, who can use their ownership stake to stack the Board and milk the other Owners with ever rising Maintenance Fees (the "impartial engineer says we have to raise Reserve Fund Fees by 10% per year, even though inflation is dancing along at less than 2%...") have a way to make more money with less risk.

Show us some evidence that foreign buyers are THE problem, and we can have an informed discussion, OK?