In the suburbs in the valley, price is still too high.    I guess the price correction will soon spread to the valley region.    This kind of correction is very much needed and healthy for the region.   Not quite there yet. 

In the mean time, some RE markets in Asia, where Chinese buyers has also been very active, just reported a complete melt down, as a result of the Chinese government's crackdown on illegal money transfer to overseas. 

Big chuck of the national RE market (Vancouver/Toronto/Vitoria) that is relying on foreign money is plain dumb and is recipe for a disaster.