Whoa, whoa, you guys are comparing apples to oranges.
Big reason why house prices are going up here is because housing lots are being rezoned from single family unit to multi-unit dwelling.
About five blocks from my house there are four-single family lots being packaged into one unit where a developer can build three-story high condo unit.
This guy bitches that you used to be able to buy a $670k house on Main Street. Well from Main and Hasting to Main and 8th, they are building ten-story condo units, and from Main 8th to Main and 37, they are building 4 story units.
It is the rezoning that is keeping the property values up.
Note: I live at Main and 25th, which if you google map, is right in the centre of Vancouver.