I've noticed the strata market starting to stagnate around Vancouver and the surrounding areas. There are more price reductions and increasing re-sale inventory coming up and the amount of pre-sale construction still going on is a little worrisome. Days on market are getting longer though prices are holding steady, but the feeling I get is that we won't get that usual summer price bump we've seen in past years. Other than that, the market is great
The detached market is still a different beast and continues to steam ahead steadily, with a few blips (ie: West Richmond). A land value property in a mediocre part of East Vancouver with a 33' frontage will fetch at minimum the low $600k.
We are in the summer market and it looks like it won't be as lively as in past summer markets, but of course it all depends on which area you're looking into.
I'd break out a pencil and paper and work out the cashflow numbers. Can the current rental market rates cover your entire mortgage and associated expenses? Are you willing to make up the difference? Timeline to sell?