The prices in Vancouver especially are WAY out of control. When I was out there for a year doing renovations, I couldn't believe the prices of houses that needed to be torn down, literally. Houses that in Ontario, you couldn't even give them away, but were selling for $1.5 million and flying off the shelves.....lol. There was a 3 bedroom tear down in British Properties that sold for something like $24 million. Insane!

I was living in Burnaby at the time and the neighborhood behind me was full of $3 million plus homes that were completely empty. Hundreds of houses with very few people living in them. All owned by offshore Chinese. Same with the ghost towers downtown. Whole towers are pretty much empty, but all the units have been sold. Its that offshore money that is driving the prices up and thats coming to an end. The crash will be very hard because a ton of the houses are in rough shape and won't be worth much on the open market. So many people buy these houses and then have zero money to maintain them. Not to mention the terrible contractors who do the work if they do. What a mess!