Here in metro Vancouver, the rise in price (sf detached) was from three sources:

1.  Overseas earned/sourced money from wealthy new immigrants.

2. Overseas money from overseas nationals with no status but looking for speculative gains or a safety deposit box, or a place to live part or full time on their 10 year renewable visitors visas.

3. Local developers  buying older properties,  tearing down, rebuilding and selling to wealthy new immigrants, or overseas nationals. There were a few speculators/flippers too  in that demographic as homes were selling in days thus lessening risks.

The 15% tax put temporary brakes on two of those categories.   The use of proxy buyers and enough  demand  from the first category means  price here has only flatlined, and there has been no bubble bursting.