Unless the government addresses the SUPPLY or DEMAND problems, these half-arfed virtue signalling moves will only push prices even HIGHER.
Remember the government works for the rich, the bankers, the home owners not for the little guys who pay rent. Renters will  have to pay any increases in tax which will be down graded  to them. The neo-cons do not want the bubble to burst because their pals will lose money. 
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Supply: they need to either increase the number of houses being built or units being rented.
Demand: mass immigration is causing the unhealthy demand on housing. 
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Conclusion: The best solution is to stop all immigration to the GTA immediately.