The tax in question was enacted by the government of British Columbia. You may be confusing this with the "vacant homes tax" which the City of Vancouver enacted recently?
Foriegn ownership is only a small part of why Vancouver real estate is so high. The last stats I saw said foriegn sales amounted to 10-15%. It's mostly Canadian citizens, coupled with low interest rates that are causing this bubble.
I saw a stat that said 40% of condos purchased in Toronto (another crazy market) were bought by speculators. Foriegn sales are even lower (sub 10%) than in Vancouver.
These laws focused on foriegners are good for scoring political points, but they don't really address the issue.