I bet the houses in downtown Toronto continue to sell if they are priced under $1,500,000.  That's what happened in Vancouver after the 15% land transfer tax was imposed.  Now sales are are bouncing back and the high end is moving again.  Foreign buyers will find the money no matter what so the Tax is only successful in slowing down the mad price hikes which is good.  Further measures need to be taken like limiting property sales to foreign buyers- Canadians should come first !