While these measures are good, in that they will level the playing field between foreigners and Canadians, they will not do what many Canadians are hoping - i.e. make housing "affordable" (whatever that might mean).

There are many reasons for the rise in house prices - foreign buying is just one of the reasons.    Other reasons are low interest rates - resulting in many homeowners over leveraging themselves and putting themselves at risk when rates rise.    There is also a continuing trend of aging boomers wanting to move from the suburbs closer to the heart of a City.

Be careful what you wish for.   Foreign buyers are an easy target but this isn't a magic bullet that will make your dream house affordable.    A housing correction will drop prices but will have knock-on effects in our economy which will continue to put housing out of reach in the face of a grim reality.   People might be screaming for more foreign money at that point.