> the last time a property bubble in a developed economy fueled by Chinese speculators crashed, it crashed by 70%

FUN facts - IF the Vancouver housing market crashed by 70%

1] - A Vancouver detached house would still be valued at OVER the current Canadian national average selling price(2016-02) for detached homes of 503K

2] If you exclude Vancouver and Toronto sales out of the national housing sale, the average price of a home drops from 503K to 355k

SRC http://creastats.crea.ca/natl/index.htm