The real correction will happen when boomers living in million pus dollar houses see that maybe it's time to cash out on their tax free million and downsize or move to another area.  Foreign money will see a decline, and with no connections here will move their money somewhere else.

Post-Olympics, almost every city has seen a bull run in real estate followed by a significant crash.   Add that prices were already exorborant this region is in for a whack of much needed pain.

Take a watch of the show "property virgins".  Beautiful 4000 square foot homes with nice yards going for $350,000 - and the buyers are saying that they are overpriced and moving on.  You almost want to throw your shoes at the TV.  These people are thumbing their nose at a huge 4 bedroom home for less than you can get 800 square feet here

There's no way the "beauty and lifestyle" of Vancouver is worth a $1.2 million dollar premium.  The time to pay the piper is coming, it's not a matter of if, its a matter of when.