Vancouverite here. I have no delusions about how unaffordable and risky this market is.
Natural disaster? Not going to burst the bubble. Look at San Francisco, LA after their major earthquakes. I'm thinking only a nuclear contamination event could decrease property values.
Limit foreign ownership? Going to take out the high end, but now they're moving onto the condo market. Condos are cheaper than houses so the 15% tax is easier to swallow. Local news is reporting this.
Bubble burst? There are lots of locals here who currently rent and want to own (i.e. unfulfilled demand). If prices do drop, locals will enter the buyer's market.
With all these new taxes, municipalities and the province are adding that revenue (ostensibly from foreign buyers) into their budgets. If the taxes have their intended effect and the foreigners go away; they'll have to raise taxes to make up for the shortfall in their budget.
Don't believe me? When's the last time your property taxes went down because a social issue was addressed?
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