There is a box in the FSR that describes the macroprudential measures that have been taken and how they might be expected to affect housing fundamentals. The important takeaway is that one cannot judge the effectiveness of these policies simply by observing whether house prices continue to rise.
This is because the measures are aimed at mitigating risks to households and to the financial system, not at house prices per se. The effects of these policies will be greatest in Vancouver and Toronto, because that is where the majority of high loan-toincome mortgages are being granted.