"Just look out east, to Toronto. Since their government introduced 16 measures in April to cool the market, prices have fallen 14 per cent in two months. Sales are down 37 per cent, new listings up 16 per cent and active listings are up 60 per cent. This is a government influencing market affordability effectively and instantly."

Wait for another 2 months. Everything will be back to where it was before the so-called cooling measure. In Toronto the main issue is the lack of supply of new homes to accommodate  the growing  population. No new land to build new homes. The Green belt is a noose around Toronto. 
The govt has just for a month made the prices to come down a bit after a 33% YOY increase. Do you call this a  "government influencing market affordability effectively and instantly"?