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I think a lot of people, including many working for the typical media rags, are a bit behind the times when it comes to the economy and land use. There is a substantial number of entrepreneurs and start-ups who don't necessarily need a lot of space to run their businesses. Now, I don't roll in the start-up circle, but the number of them in the region is growing by the day to the point where you can't deny their existence and thus their potential impact on the economy.
There are definitely a lot of people living on credit in the city, but there also those who do well and shelter their income through their companies. I've done a bit of reading and this seems to be a explanation put out by some local economists. This may explain why average incomes are lower in Metro Vancouver in comparison to other major cities in Canada.
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