Doubtful - if global investors aren't putting their money into stocks, they'll just continue to buy up real estate.
It's not foreign buyers driving up the market in Vancouver, it's Canadians will to put themselves into serious debt in order to buy a house.
Victoria isn't that far from Vancouver, but prices have gone through the roof, similar to what Vancouver has experienced.
You get echo effects from places like Vancouver. Wealthy foreign buyers use high end real estate as a bank account increase the prices of top of the line housing significantly. Wealthier natives (Dentists?), now priced out of the highest end go down the scale and start purchasing lower end stuff with more money, increasing the price for everyone in a domino effect.
Government, not wanting the housing market to go down, create laws to allow subprime mortgage lending and buyers buy houses without real limits on price, and the middle class can now keep up with the price boom.
"In a recent six-month period about 70 per cent of all
detached homes sold on Vancouver’s west side were
purchased by Mainland China buyers..."
That's like doing the same study in Boston and claiming foreigner buyers from Ireland own 50% of Boston homes!