The first graph plots the time series of the 6 month change in the Teranet Vancouver HPI and REBGV MOI. The correlation is clear from direct observation.
The second graph is a scatterplot of HPI change versus months of inventory, with a time shift to optimise for highest correlation.
And finally the same scatterplot but with year-on-year HPI change with a 6 month lag.
The only likely way to get higher MOI is to have higher inventory, and the advent of higher inventory takes many quarters to materialise (inventory is currently very low). It is for this reason that I do not foresee any significant house price relief in Vancouver in the next year to 18 months.