Sometimes you get the feeling that no one in government knows what they're doing. Greater Vancouver's housing supply has fallen behind demand for years. The Liberal's first response was to try to dampen demand with a foreign buyers tax. When first time buyers still couldn't afford even entry level homes the government decided to subsidize them, thus increasing demand further. 

Right now there is no inventory . The result is multiple offers for every new listing under a $million. As economist Benjamin Tal said: " You can't fix a supply problem using demand tools". The upward pressure on prices will only come off when governments get their boot off the neck of supply.