[Blake]

The wealthy foreigners myth exists somewhat, albeit in a different manner than the media portrays.

I work in the RE development/capital business and speaking to the other developers, the reality is that many, many first time purchasers are buying with substantial help from their parents/grandparents who may be foreigners or immigrants. In Asian countries, home ownership is valued highly and most parents who are able to, will help their kids as much as they can (often $100 - $200K).

So although the ownership remains domestic, our market is influenced by foreign factors and family values. Unfortunately this is difficult to measure as an economic fundamental.

With that said, none of this will be enough to prevent an inevitable correction that's due, but it will keep Vancouver the most expensive market in the country for the rest of our lifetime.