Enjoyed this a lot. I first visited Vancouver 5 or so years ago and really liked the city. I figured if real estate prices there ever declined, I would look into some property there. But they never did - just continued surging on and on. I don't know about Canada overall, but at least in Toronto and Vancouver I believe overseas money (especially from super rich Asians) also played a role in the rapid rise. And at least for a time, many of them bought properties and then chose to keep them unrented, further reducing supply in the choicest neighborhoods.