It is pretty clear that Vancouver has been in bubble territory for several years. Low interest rates have kept the bubble from popping.
But there is some evidence that we may have reached the popping point. The leading indicator for falling real estate sales is rising inventory. Inventory is currently at the second highest point it has been in the last seven years (adjusted seasonally). And YTD it has climbed faster than any of the last seven years.
Recently the Economist magazine estimated a 25% over-valuation for Canadian real estate.
Deutsche Bank Securities estimates over-valuation by 54%.
Using the Schiller modeling the over valuation is even higher (70% ?).
Note that these estimates are for Canada as a whole. Over-valuation in Vancouver may be higher.