Yeah realtors and the BC and Vancouver governments kept saying it was only 2% in Vancouver.
Funny thing is as soon as the government was forced to announce the tax realtors started saying "OMG this will destroy the market!" And when it was actually measured it was found that even in the suburbs up to 20% of the house purchases last year were to foreign buyers. 20% in one year. 20%.
So no it is almost certainly not "only" 4% in Toronto just as it wasn't 2% in Vancouver.
"we are now at 12 times wages to buy a home"
Yeah a few years ago it was only 12 times wages in Vancouver too. Now it is 40 times and no sign of getting better. Last I heard it's up to $1,000,000 for a decent, not luxurious just decent, two bedroom apartment in Vancouver. $400,000-$500,000 for a decent 1 bedroom. $300,000 for a not so decent 1 bedroom in a less than desirable part of town.