It doesn’t matter that it’s global, unless the buyers either a) buy all the real estate in Vancouver or b) continue buying real estate in Vancouver until time ends, it’s temporary upward pressure on prices pushing it above it’s fundamental price.
As soon as the prices get so high that the Chinese decide to look elsewhere other than Vancouver, or they get sick of buying inflated real estate and switch to gold or any other scenario, prices would likely try to revert to their mean again.