Except as it turns out, we didn't get it quite right.

The 15% tax did put the brakes on the housing market, but more so  because it also included better reporting from the  real estate industry on who the actual owner was, and their status.  This took the wind out of the sails for those trying to fly under the radar.

But six months in and offshore buyers are working out how to get around the tax, mainly through the use of proxies.  And the provincial government has recently exempted every buyer with a student visa, even if the course is only for 6 months.  This puts almost 200,000 potential buyers back into the market. And more every year. There are no restrictions as to what they can buy.

The government is also exempting anyone with a work permit.

Price rose here about 40% in a 12 month period before sales and demand flattened. Indications are it is starting to rise again.