Sorry my friend I live here and you are only partially correct and I am not in real estate.
The foreign buyers were insignificant in the total volume of sales but very significant in the value of the property values.  
Yes the number of sales dropped a lot but the value of those sales has not and in fact for the last two months I am told the property values have increased.
I hope you understand the difference in what I am saying.   I have no idea where you were looking but I would question your lights statement.   
Many people I know withdrew their properties in a wait and see of how the tax is playing out and really not a big factor.   Most of the foreign buyers were not in condos in the west end of Van.  Come to my area and see the difference.
Realtors are talking volume everybody else is talking value.  Big difference.