Gord when you say "previously middle classed neighbourhoods," how long ago are you talking? There are high demand pockets of Vancouver that will never align with average household incomes, even in the most depressed market conditions
15 years ago many of these Westside areas in Vancouver were middle class neighborhoods - Dunbar, West Point Grey, etc.... Today the average SFH prices in these areas are butting on $3M. In fact in the past few months there have been 7 homes that sold for more than $10M
Perhaps my question now should morph into .... Are these numbers sustainable?
Even if you take out the higher demand pockets and take all of the Westside of Vancouver as one major grouping (really half of the City of Vancouver proper ... the SFH average price is still over $2.4M.
Taking those number as an average - to buy into the market you would need $480,000 cash as a traditional 20% down payment - and... You would need to qualify (and to pay for!) for a mortgage of $1,920,000 ! Wow! Glad I bought into the market years ago...