Here is a chart worthy of refrigerator rights. Get a magnet and stick it.
What do we see here? The quality and sales mix adjusted house price benchmark (adjusted for inflation too) is represented by the yellow line. It is really high right now (highest ever) and it has risen for 6 straight years.
The blue line represents the average individual Greater Vancouver Income adjusted for inflation. It has risen and fallen within a basic range for nearly 30 years and it is at its highest level since 1980.
The red line (IMPORTANT) represents the number of years of the average worker's income it would take to purchase the benchmark single family home in Greater Vancouver. This number is at the highest level (by a long shot) that it has ever been.
Let us take a lesson from history. In the past 30 years, every time the ratio of the benchmark house and the average income has exceeded 8.0 the ratio has fallen. House prices must fall or incomes must rise in order to bring the ratio within a historical normal range of 6.5 to 7.5.