Globe Please keep the key stat and comment on it...Foreign buyers are still going to an auction and buying property at relatively cheap price points for them... if a property is selling for $700k and 3 other foreign buyers are bidding up to $950 k then that's the new market price for all similar properties in the area. No local people with modest incomes can afford a premium of $250k... no household incomes can support that new purchase price.... this is the simple driver of all this real estate chaos... (especially this latest rash of huge distortion the last 5 years)  The price point is simply now the new norm 
The foreign tax has initially slowed Vancouver's very distorted real estate market so the herd o foreign buyers just slithered there way to Toronto and even the Golden Horseshoe! 
Didn't this happen in London, England decades ago with Russian money??   Doesn't any one learn that history shouldn't repeat itself???? I guess not.....