That tax is just a smokescreen. There are numerous loopholes and problems with it, so many that it's surely deliberately engineered for maximum buzz but minimum effect. BC and Vancouver have been playing hot potato with this issue for a while with no one doing anything to address the problem.
For example, it very narrowly targets foreign citizens who are not permanent residents or citizens of Canada, completely missing "investors" who have just bought Canadian permanent residence for cheap, do not earn income in Canada, and are now buying property in their safe haven. This scenario is unfortunately all too common.
About $100K in interest payments via Quebec's investor immigration program, no other requirements.
For example, it very narrowly targets foreign citizens who are not permanent residents or citizens of Canada, completely missing "investors" who have just bought Canadian permanent residence for cheap, do not earn income in Canada, and are now buying property in their safe haven. This scenario is unfortunately all too common.
About $100K in interest payments via Quebec's investor immigration program, no other requirements.