Some try to argue that government should do nothing, we should let the market of international money churning be what determines house prices.

Hello?

Look, houses become functionally unaffordable to local workers when houses cost more than about a dozen times the average annual local income.
Historically, in 1870 and 1910 and 1950 and 1970 and 1980 and 1985 , ALL CITIES in Canada were affordable for local workers.

Okay, so let's look at a rough approximation of what cities became unaffordable to locals, and when they became unaffordable, noting that they all happened after Canada CHANGED its immigration in favour of multi-millionaire applicants starting in the mid 1980s:

RENDERED UNAFFORDABLE:
Vancouver West Side 1995
Richmond 2001
Vancouver East 2012
North Vancouver 2013
South Surrey 2015
Burnaby 2016
White Rock 2016
Half of Toronto 2016
Half of Victoria 2017
Hello?

Look, folks who want no intervention on this, you realize, right, that the list of cities will grow and grow?