No, this is not well-thought out, and could only increase the rising cost of affordability for housing in Canada

Many immigrants/foreigners (non-permanent residents, diplomats, students, etc.) are all important to help fill labour shortages in areas that we need them most, but also can help be trained in schooling/volunteer through international humanitarian work, if we ban foreigners from buying homes, we are actively preventing our economy from getting access to potential residents and people who want to immigrate here.