Reddit reviews Millionaire Migrants: Trans-Pacific Life Lines
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Dr. Ley wrote a book on the migration of millionaires from China to Vancouver and blames the government for failing to do anything about the skyrocketing cost of housing driven by foreign money. He has long said that the housing market in Vancouver is detached from local incomes and driven by foreign money. His prediction of +/- 5% is based on the government doing nothing to stop foreign money, which is very reasonable considering it's clear they have no intention of stopping foreign money. If they did actually ban foreign money, it would be a different story altogether.
UBC's Thomas Davidoff stated that if foreign money were removed from the Vancouver housing market, prices would drop 25-50%. It's common sense that if you were to ban all foreign money the housing market would basically implode. Obviously they're not going to do that.
He's published it, as well as written a book. Anyone can access it. The government could begin undertaking a study tomorrow if they really wanted to.
http://www.amazon.ca/Millionaire-Migrants-Trans-Pacific-Life-Lines/dp/1405192925