Even if prices fall 50% in Vancouver - detached homes will be out of reach of the average income. A $100,000 household income isn't much after tax. Traditionally you would buy a $300,000 home with that income.

The question isn't whether Vancouver is a desirable place to live - it is and has been for a very long time even in the 80s and 90s - the question is what people can afford to pay. Having said that Vancouver has its dirty spots more than other cities. Also, making your kids compete with foreigners is pretty disgusting behaviour for a Canadian. 

Immigrating from Vancouver to another Canadian city, well you might as well be immigrating to another country. It's separates family. Why are you putting your kids through this when we have total control over housing demand at the federal and provincial level is really shameful.