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> Anything they do now to try to correct for affordability, and bring down property values would result in a large number of defaults for domestic owners, and big hit to the economy.

Structural changes are always painful in the short term. It's the long term total return value that counts.

Also, domestic owners in downtown vancouver would be just fine. If the place is worth over 600k (which they all are) then they are already/mostly rich enough to absorb the hit. Note that the larger the price tag of the home then the larger the hit will be, but on that end it's filled with people who really can afford that hit. The smaller the price tag of home then it's also a much smaller hit taken and the odds are then extremely high for them to regain that value back over time.