Sorry Doc...you haven't convinced me yet.  The stats supplied in this story and others beats your unsupported "billions in overseas cash flooding into Vancouver region real estate".  Even at its height (early last summer) the flood was more equivalent to a small stream against the "torrent" of buyer-bucks from others (Alberta, the States, etc) and those from the area itself.  Almost 4 months after imposition of the foreign ownership tax--that overseas stream has been reduced to a trickle.  

As this piece makes very clear, a whole lot more than the job-loss of "some construction workers."

What I regret is that the housing market is such a significant part of the economy...but I have no doubt that it is...and vacant condos are a small side issue.  "Too many" (whatever that means) dreams of home-ownership being dashed?  For many (see another article) the so-called dream has become a nightmare.  Memo to hopeful home-buyer: Be careful what you wish for...