[caffodian]

Vancouver is currently a mess of low interest rates, FOMO, foreign buyers, and supply issues. Due to both the city & BC government having a large number of developer donors, it's also a very partisan issue.

For the longest time, the ruling provincial party was of the opinion that this was not a problem and high property prices was due to the strong economy (circular logic, as real estate & construction are the drivers of that.) They were getting pretty hammered in polls. On top of that, they cited a ~5% ish foreign purchaser number based on 19 days of data, only to then bump it to 10% conveniently on the release of new data a day or two after introducing this 15% tax...so yea. It's a disaster.