I usually don't comment on these, but I do look things differently. Yes -- there are problems, but money coming into a country can be a great addition to the national and local economy.
Yes, it drives the cost of real estate price and etc, but if the demand for real estate goes up, the logical answer should be building more highrises.
If you look at Vancouver (your example), there are ample of areas that need to be wiped out and replaced with highrises.
By building more, we create tremendous jobs, not just the construction workers, but also the bankers, developers, financiers, brokers, furniture sellers, movers, electricians, car salespeople etc. etc.
At the end of the day, whether you live in the States, Canada, or China, the housing market is the most common way of moving economic growth.
People say being the money haven is a bad idea. Why? I don't really understand. You look at Switzerland, Delaware, Ireland, Hong Kong, Singapore, Netherlands, etc etc, it is not a bad thing to structure your system to incentivize so that your domestic businesses want to stay in and foreign business wants to come. Every headquarters that they build, they hire hundreds of accountants, middle-level managers etc. etc. In my opinion, Canada needs more of those tax haven seeking companies, not less. Why would you ever reject free money?
I understand this is a competition to the bottom. But I have to let you know that there will always be corporations and 1% people who will evade the taxes, and there are always too many countries to offer those services.
If Canada hits a foreign buyer's tax, the Chinese and Russians will go to NZ. If Kiwis run a foreign buyer's tax, they go to Australia. If Aussies do it, they go to Portugal. The list goes forever. Again, the right answer to surge in demand is more supply, not restricting the demand, as what many Canadians think.
It's always easy to blame for richer people. Blame on Chinese and Persians in Vancouver, but you have to understand, whether you like it or not, it is the Chinese and Persian people who pushed Vancouver's overall wealth level to the next. Many of their sole job is flipping hosuses, and they don't pay labor taxes. But, they pay more taxes in the end, every time they flip the house. They hire people, move the economic needle every time they flip.
Without them, Vancouver would be another sleepy town. There's no other industry here.
And I used to work in Zurich and New York City for over a decade. IMO, Vancouver's rent, housing price, and the overall price level is cheaper than most global cities. You need to compare the prices with where people want to live -- like New York, LA, Paris, London etc, not Calgary or Louisville, Kentucky.
Despite being ranked as among the best places in Vancouver is relatively cheap. Its overall price level can be compared to Barcelona, Moscow, Seoul, or Tokyo, where prevailing wages are a lot lower than Vancouver.
In short, (1) Vancouver's prices are reasonable, (2) we need more of those evasive money, (3) answer to suge in housing demand is to building more and increasing supply, and (4) letting rich people park the money in your neighbour is a good thing! Let them gentrify -- or you can always move to Detroit or Baltimore.