The foreign buying of homes valued over $7 million has slowed significantly in Vancouver.  The tax  is not the reason. The individuals paying 10+ million for homes can handle the tax. The problem as they see it, is *the level of scrutiny* that has been placed on them, forcing them to look elsewhere. 

So prices for standard houses (which are over 1.6M), may now drop back to reality (a Vancouver reality, that is), and then plateau. 

Also, have you noticed this in the GTA?  No matter what the property, gas station, residence, retail property....once certain communities own, who they hire, and, if they sell, it's not on the open market.