“When you set prices based on what the market will bear, the locals are priced out,” Ms. Booth said.

She now believes the only way for West Vancouver council to provide housing that locals can afford is by focusing on purpose-built rentals – something that offshore investors likely wouldn’t be interested in.

Land prices have been bid up based on the unfettered ability to sell the end product globally, which in turn drives up land prices for all developments. The foreign buyers tax Francis throws in at the end is not applicable to pre-sales (nice little work around Christy provided to Bob). Simply, if there is unlimited global access to our housing market locals will never have a chance. 

Here's a tip, restrict foreign investment in single family residential but provide wide open access to build and run purpose built rental buildings. Markets would adjust and land prices would drop making purpose built rentals and housing for locals feasible.  Unfortunately this is way too easy...