"Real estate assessments for single-family detached houses in the Vancouver region soared 50 per cent in value over only a one-year period".

Yes, the feeble new tax on foreigners is doing exactly what I predicted (applause here, thank you) on Vancouver house prices.

Which is it is doing nothing.

House prices in Vancouver were dozens of times the average annual local salary a year ago, they were that six months ago, they were that six days ago, and they will be that six months from now.

It was NEVER the intention of government to lower house prices by meaningfully addressing overseas money flooding in (most of it through investor immigrants/passport buyers, NOT "foreign purchases" by people without Canadian citizenship).