VANCOUVER, British Columbia — Between multimillion-dollar tear-downs, blocks full of backyard cottages and towering condominiums that are sold and resold several times before they are even built, there is no shortage of anecdotes about this city’s housing frenzy.

Here is a new one: Vancouver is so expensive that politicians want to tax its real estate market into submission, and many homeowners — who will lose money if home prices fall — think it’s the best idea they’ve heard in years.

“I would like to see a correction to sober up this whole place,” said Rob Welsh, a retired airplane mechanic who lives in a Vancouver suburb. Mr. Welsh bought his house in 2000 and has become a paper millionaire based on its appreciation. It makes him more anxious than happy.

“If I got to lose 200 or 300 grand to keep the kids and the future of this place, so be it,” he said.