As a PR you have all the rights and privileges of a citizen except the right to vote and hold political office. So yes you can buy a home and no you will not have to pay any extra tax for being a foreign national. Below is a description of the new tax you mentioned, it will not apply to you.
Important! As of April 21, 2017, any individual who is not a Canadian citizen or permanent resident of Canada (including corporations and trusts) is subject to a Non-Resident Speculation Tax of 15% of the purchase price (paid at closing) for properties purchased in Toronto, Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York. You can read the details of the Non-Resident Speculation Tax here.
Firstly you are underpricing the East Palo Alto also there are no good schools there and no one I know will go live there for various reasons
The Toronto housing market is red hot. Keep in mind unlike Round Rock TX, Toronto is a major North American city and the largest in Canada. Also recently the market fell about 15% and CAD is also a little weak against USD.
The market here has everything from new condos (2+ BHK) to separate houses (4+ Backyard) all within the downtown area. The price range for that can be anywhere from 500K to 1.5M CAD. When I say downtown area I mean about 20 minutes from core downtown.
Toronto is very large spread out city and I have friends who’s chosen to live a little further away and have bought much larger houses for 700K and under. I don’t have an idea on average price rise it has gone up pretty steep and also faced a big correction.
Vancouver from what I’ve heard has one of the most expensive property prices anywhere closer to the bay area mostly due to influx of foreign money. The local job market (and salaries) in Vancouver are not so great.