I've come across a really good explanation of the Vancouver housing bubble, from SFU. The truly maddening thing is that no one (certainly least of all the good folks at CREA or the terrified national and provincial governments) is issuing any hard facts or even discussing the matter. The report's here.
We're no longer talking about a simple real estate bubble. Canada's citizens have led us to a massive debt problem. We're now carrying 300% of GNP in debt, up in the rarefied stratosphere with Japan.