The other graph I have added is the price-rent ratio for a Greater Vancouver apartment, using REBGV apartment MLS-HPI and CMHC-reported rents (extrapolated, as they are only reported once per year), normalized to January 2005. By this measure, price-rent is currently 15% above its value in 2005 and 27-64% above the range of values from 1992-2004.
A caveat about this graph is that it aggregates various price tiers and municipalities into one. If higher valued apartments have appreciated more than lower valued ones this would mean price-rent on the lower end is lower than this graph would indicate (and vice versa). Put another way, price data may have been skewed by higher-tier purchases appreciating faster than the lower-tier ones. Lower tier apartments may be more likely to be rented out, in which case from an investment perspective the price-rent ratio in the graph below may be on the high side.