Very funny!  It will indeed cause pain to sellers if the government ever takes steps to limit the foreign buyers/sale of citizenship, AND acts to limit our goofy mortgage guarantee system.  It is true, much as I hate to agree with you, that in doing so the risk of defaults and walkaways on EXISTING mortgages goes way up.  So what?  This is about doing the right thing for the long term good of the nations' citizens, especially the young.  If the crash causes taxpayer costs of, say, $40 billion, well that's well below a 10% addition to our existing debt.  Nolo problemo!   Not great, but worth it.  The uncontrolled spending of Ontario, Alberta, and the feds is the bigger risk to national solvency.