[sonick]

It's become pretty apparent that there isn't going to be a bubble, but a soft correction which has already started to happen.

From what I've read and followed, it seems starter condos (< $500k) and plus-$1mil homes have seen drops or flat sales values over the past year or two; only SFH's in the upper six-figures have still been appreciating. Even a 'condo report' sponsored by Royal LePage states that in the short term (~2 years) there will be "market instability" and "turbulence"

Also re: buying now and keeping for 10+ years. Yes if that's the plan it makes sense, but most people getting into their first home look to buy 'starter homes' with the intent of upgrading in ~5 years. If that's the case now, and a correction occurs (or even if home value stays completely flat), you are likely going to end up with less asset value overall in five-years time if you bought now than if you had waited with the 'soft correction' that everybody seems to be touting.

Example using calculator posted earlier: Vancouver Housing Bubble Calculator
$300k home, assume 3 years flat, 3 years of 3% growth, home value after 6 years is $327,818; adjusted for 3% inflation (as in the site) is actually worth $273k in today's dollars. Or being conservative adjusted to today's inflation (1.2%) is only $305k.