I don’t even know if this applies to provincial jurisdiction but they could have do a couple other things that won’t tank the market and create new crisis, so more people can have affordable housing.

• extra tax on housing owned in the same 15~20km radius range from your principle residence, on top of the vacancy tax. it steps up more and more the more house units you owned. And a ramp up for such tax yearly so eventually it’s not worth owning multiple housing in a metropolis.
• prevent rental corporation to own multiple buildings or complex in the same region, cause they will have more capitals to create that rental price increased in a region. rental corporation/building should be subject to reviews from tenants to ensure quality of operation. And honestly, rental corp shouldn’t really be a thing, they should be like non-profit oriented but pays well to the managers since managing buildings requires good quality work. (for profit corp would eventually try everything to reach a certain earning goals, that’s the nature of corps.)
• finally, for town house and condos, a publicly funded information website to make information transparent. Who is the strata company, what maintenance they did, who is the contractor and the pricing, voting result and record(since we removed rental restriction by law, voting owned by the same owner should be counted as such). There are a lot of shady practice that aren’t good for anyone except the few pocket the funds. There should also be more regulation on contracting out maintenance works to relatives of strata manager or council members.(conflict of interest.) This will help drive down overall insurance cost if everyone gets quality maintenance review/work/pricing.