Here in BC there's a 15% foreign buyer tax loophole that's easy to play with condo flipping:  The 15% tax foreign buyer tax is only considered when the Condo is move-in ready.  So from the time the Developer offers pre-sales to the move in date, the Condo can change hands a dozen times for profit without anyone paying as much as a  dime in tax. If the same rules apply in Ontario, then a significant portion of the 'buyer' demand referred to is unlikely to be Canadian.