Isn't pretty much the same thing happening in San Francisco, too? Alongside all the other drivers of increased home prices there. I think SF has shot up the ranks to become one of the most expensive cities in the world now, right?
The hole bay area is like that. Ive heard of like whole housing projects getting bought out by foreign investors out in Santa Clara, stable place to keep money I suppose.
You can work in SV and sort-of maybe afford a house in/around SF eventually. There is no industry in Vancouver except selling houses and cars to rich foreigners. A software developer in Vancouver earns less than US$60k.