It's more than 3% - but it only takes a small number of price-insensitive buyers to totally upend the real estate market. There is no underlying price for real

It's more than 3% - but it only takes a small number of price-insensitive buyers to totally upend the real estate market. There is no underlying price for real estate. If it were corn, the would be the cost of production as a basis. But for real estate, the only way to set price is benchmarking off the sale down the street. So when a small number of buyers just 'don't care' about price, they effectively establish the price for everyone else. Foreigner should not be able to buy property in other countries unless they pay major taxes there. Property is only valuable because of the various factors that go into making civil structure: defence, security, legal regime, waters, roads, bridges - even the rest of culture. 'Vancouver real estate' is valuable because of what Vancouver is, made by Vancouverites and Canadians. Only taxpayers and community contributors should be able to own land.