I can see some real estate markets in Canada undergoing a massive correction (oil prices alone could spur this in Calgary and Edmonton) but I think predictions that Vancouver is in for a crash are flatly wrong. I don't think Vancouver is part of the Canadian real estate market so much as the international market, and most of those buying from abroad aren't mom and pop mortgage, they're very wealthy and their purchase is an easily afforded pied-a-terre. Vancouver is also already high density with no room to expand, with a host of locals and internationals alike ready to snap up property if it dips 15%.
Basically, barring a few hiccups and earthquakes, Vancouver should keep on moving up as it has done for the last decade. Five years from now I doubt you'll find a detached home in Vancouver for under 7 figures.
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