I'm familiar with VREAA - didn't recall that s/he had data going back that far. What's striking to me is inflation-adjusted prices (red line).
https://vreaa.files.wordpress.com/2013/01/van_house_price_1960_2012.png

In inflation-adjusted dollars, the 1980s peak comes up to maybe half of the adjust price in 2011. And that's before prices effectively doubled again to the present. Vancouver has never had affordability so divorced from incomes.

It's common to reference interest rates vs. prices. I'd trade the present for lower prices and higher rates in a heartbeat. Why? Because each year you delayed buying, you amassed a bigger % of down payment by saving. Today, the reverse is true: each year delay, you fall further behind. That dynamic did not exist for extended periods in this region until the most recent decade - and that marks a HUGE difference. It can take 2-4 times longer to amass the same % down payment now as compared to the past - and that assumes prices don't keep rising.