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Actual Vancouver is very limited for land and surrounded by water or mountains, so there is never too much supply. Add to that, people actually desire and value urban living here and it's a very different picture for inner city or close to it. The prices in Vancouver held up pretty strong when everywhere else dropped dramatically.
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Just wondering why you might think those same factors didn't seem to help, say, San Francisco, from having their bubble burst?
That's not to say I don't believe Vancouver should have the most expensive real estate in Canada, because I do. Just as San Francisco should be one of the most expensive in the USA. They are both highly desirable places to live, and it should always cost more per square foot to own a piece.
But desirability doesn't appear to provide immunity from deflating to fundamentals.