Spiff,
If you are talking Vancouver, B.C. the real estate market is going crazy! Condos in downtown Vancouver sell out years before they are even built. A friend of mine purchased a condo (2 br, 2 bathroom) that is around 1500 sq. ft. on a pre-sale 5 years ago for $375,000 cdn. This unit is on the 14th floor overlooking Stanley Park and the north shore mountains. He could sell this condo right now for $875,000! The real estate experts are predicting the downtown condo market to reach New York prices in the next decade.