Prices departed from economic fundamentals a long long time ago, and not just in Vancouver and TO.  Prices used to run at maybe 3 or at most 4 times average household income, for an average house.  Now we see prices verging on double that traditional metric, in Ottawa and Calgary and Edmonton and the Fraser Valley, and on and on and on.  Same thing if you look at price to rent, or price to its own long-term regression or moving average.  You can only claim borderline "affordability" in all these places by hoping/pretending interest rates will stay ultralow forever.  We need to cut off foreign buyers, period, and get the government out of the business of guaranteeing mortgage loans.  Let it all crash - then young families will buy, and still have enough left to go off to IKEA and buy baby furniture. or go out on the weekend!  Birth rates will go up, the economy will pop a little.  Just ignore the resulting whining from my selfish fellow boomers!