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As far as I can tell most mansions are being rented out to high income locals, not to groups of college kids.

I toured a few of these in the last couple months and the nice ones had a parade of high income couples going through who would be perfectly happy to rent a $6,000,000 house for $5000 per month.

All the ones I saw explicitly disallowed subletting/group tenancies in the rental agreements.

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If you can rent a $6m mansion for $5,000 per month, you're getting a steal. In that case (and especially since this tax policy is pushing prices down further) it makes zero sense to buy.

I'm still not sure I made the right decision turning them down. On the one hand spending $5000 per month on rent feels crazy in Vancouver. On the other hand it is an incredible deal.

In the end what kept me from renting it is the likelihood of needing to move in a year or so. I prefer a bit more stability for my kids.

The nice thing is that they're at least moving those people out of the lower tiers of housing.

If someone can afford $5000 a month for rent, I'd prefer they compete for mansions that would otherwise remain vacant than townhomes which might otherwise go to people who can only afford $2000 a month.

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