The main issue with housing prices is interest rates. Interest rates are insanely low, which is driving up the cost of the unit. You can borrow $1,000,000 for $3,500/month.
The main advantage to buying property in Vancouver is that you can also rent out your basement for a large amount of money. If you're paying $600k more for a house in Vancouver than Calgary, you can compensate for that shortfall by renting out the basement. As much as it the market is crazy, it also provides an opportunity to make a lot of money. However, you really do have to treat it like a business and it's not a simple matter of just buying a home. Even having strangers living in your basement can lead to all sorts of issues.
I grew up in Calgary, and will always love it. However, you can't compare the amount of stuff to do in the two cities. The social/bar/restaurant scene is far from perfect in Vancouver, but the options are far greater than Calgary. The greatest challenge in Calgary has always been that it's set up as driving city. I go back to Calgary frequently. I'll go to my old haunts on 17th and check out the new breweries. However, the amount of things like that to do is pretty limited. Even then, if I want to go to several breweries, there aren't very many walkable options.
Calgary is definitely geared more towards young families. I have a kid on the way, so my perspective of Vancouver may change dramatically. That being said, with the amount of equity I have in Vancouver, I can easily afford to move back to Calgary at any point. The other way is a lot more of a challenge.
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