Mr. Speaker, the member is absolutely correct: The 1% foreign buyer's tax will do nothing. Every time the Liberals have a public policy problem, they find a new tax, new fee or new levy. That is the way they do things.
The underlying issue is bid competitions in large markets, such as the greater Vancouver area. There are other regions too, because this is spreading outward. People are competing against foreign buyers, for whom this is an investment.
A pause is a much wiser choice. We have to look at it and study it some more to see the broader impacts it would have on the market, but a 1% foreign buyer's tax is the price of doing business for many of these people.