Many people complaining that "1% is nothing to Chinese millionaires" are missing the point. These people didn't get rich by throwing their money away. Yes, they

Many people complaining that "1% is nothing to Chinese millionaires" are missing the point. These people didn't get rich by throwing their money away. Yes, they can easily afford an extra $10k or $20k or even more a year, but this combined with the recent 15% tax makes Vancouver a lot less attractive. After that last tax, foreign investors are already getting spooked and starting to flood Toronto's housing market instead - this too will have an effect. It's a great start, and I hope to see it in Toronto and other cities as well.