I've lived in an older but expensive (even by Vancouver standards) neighbourhood with larger houses and lots most of my life, and many of our neighbours have been replaced by mainland Chinese with absentee husband/father.
I'd say the effects are overestimated by locals, but they are definitely around and easily observable by those who live here, and since they buy housing at the top end of the market, they skew the average home sales prices significantly upward. Realtors also espouse a "buy now or be priced out forever" which scares locals into borrowing way beyond their means, and banks in Canada are happy to loan them the money when taxpayers cover the mortgage for them (but not the home owners) through CMHC. Household debt in Canada is at record highs, worse than the US in 2008, and Vancouver is by far the most extreme example especially given that our average incomes are significantly lower than the other major Canadian cities.
I'd say the effects are overestimated by locals, but they are definitely around and easily observable by those who live here, and since they buy housing at the top end of the market, they skew the average home sales prices significantly upward. Realtors also espouse a "buy now or be priced out forever" which scares locals into borrowing way beyond their means, and banks in Canada are happy to loan them the money when taxpayers cover the mortgage for them (but not the home owners) through CMHC. Household debt in Canada is at record highs, worse than the US in 2008, and Vancouver is by far the most extreme example especially given that our average incomes are significantly lower than the other major Canadian cities.