"Actually, real estate prices in the Vancouver area have increased at 8% CAGR clip for more than a century".

What matters for local workers is this question: What is the price of a house in terms of multiples of the average annual local income?

See, the thing is, that you CURIOUSLY omit, the thing is that house prices in Vancouver were 3 to 5 times the average annual local income in 1905, in 1945, in 1965, in 1975 and in 1985.

What CHANGED was that, about 30 years ago, Canada started taking in overseas multimillionaires en masse, through investor immigrant programs.

That is what skyrocketed Vancouver house prices to DOZENS of time the average annual local income. This is a new phenomenon. And your claims that it is not a new phenomenon with that nature, your claims are unfounded.