The Vancouver real estate market has not worked off fundamentals (i.e. what the average Vancouverite earns for a living vs the cost of home ownership) for some time now. Instead the Vancouver market like many other popular cities in N.America is an equity driven market.  These are owners who have been in the market and accumulated a great deal of equity and capital gains over the past several decades.  A new buyer has emerged called the Half’er. People who sell their detached home for say 3 million and downsize to a 1.5 million condo