Or course they should! Locals can't compete with offshore millionaires (maybe billionaires) who launder money here. I strongly believe that Canadian homes should be for Canadians who live here, work here, & pay income taxes here. The problem is that's its too late now. If they ban foreign ownership then prices would drop at least 50% in certain areas. This would cause massive foreclosures & job losses. This would kill our economy! The government needed to do something about this 10 years ago.
I keep saying this over & over. As long as local owners homes are going up in value the do not care where the money comes from. They don't care about the future damage this is causing to our country & our kids. I am still waiting for any home owner on this forum to agree with me on this.

I know it won't happen though. See the comments below to prove my point.
http://www.theglobeandmail.com/news/bri ... e28962021/
Hi Canada,
We just wanted to thank you for letting us launder all of our dirty money into your real estate market. Also very happy that political correctness is blocking any real debate on this issue. Once again, a big thank you to politicians, police, banks, CRA and real estate agents. This money laundering operation would not be possible without you turning a blind eye.
This wealthy offshore buyer has to launder a lot of corrupt cash or gold from his associates or organization overseas. Canada is known world wide as the place to clean your corrupt money and nothing like speculating on some real estate with no intention of occupying as profits can be made.
Canadians have only themselves to blame for being the most gullible, easily manipulated accomodating suckers in the world. If Canadians would only voice their concerns and stand up for themselves then something could be done.