This article is one of the reasons problems still exist.

1: the Vancouver market reached its peak in March 2016 the tax was implemented in August 2016, so the author is factually incorrect.
2: The Media as well as the government politicians are in the back pocket of the FIRE industry. Hugely reliant on advert $/political donations .(BC Libs,Global/post media are the worst offenders)
3: The "data" spewed forth by the RE boards is suspect at best and a complete fabrication at worst. Oversight of BCREA doesn't appear to include this important component in its mandate. Ontario currently has little oversight
4: CMHC (you me ) Is the risk holder for much of the lending
5: ZIRP (many purchasers have never seen "normalized rates") when they do UH OH
6:Speculation 
7: The Harper Government goosed the markets the Libs are tinkering. 

Reversion to the mean will be epic, never has a RE bubble been sustained and it wont this time