Overpriced homes will go unbuilt, as will homes for foreign investors and homes for short term rentals. That’s all good news so far. Demand for affordable homes for Canadians homes will continue, and so will supply. Supply of those homes will increase as supply of the overpriced decreases - ie when the real estate industry starts building what people want and no what they want to sell.

“homes will go Unbuilt if we don’t bend over for the real estate industry” is exactly the same lie as “if we tax Job Creators the jobs will go away”.