How things in Vancouver have chanced

I touched down in the morning and did a quick spin through the city. My, how things have changed. My first impression of the place is that there are condos everywhere and the property prices are going through the roof. $800k for a property with a decrepit house? Where do people get the money for all of this?

Obviously the money is not being made locally as the salaries are not high enough to support it. More  or less, the GVRD area is turing into an exclusive club where membership is paid through property. Rich people from other areas are coming in with wads of money are buying up property like crazy. Is this sustainable? I don't think so, but obviously time will tell.

As for me, there is no rush to buy property out here just yet, not sure what is in store for the economy of BC. I don't know what exactly we are producing with great efficiency here that warrants this, but it is most likely the intangible comfort of a laid back west coast kind of life.

I am curious to see at how the rest of real estate along the entire west coast of North America is faring. Is it only Vancouver? or the entire region that is being impacted.