Pretty much everyone agrees Vancouver is needlessly expensive. I mean it's not Tokyo, Hong Kong, NYC, SF, etc where there's an inherent justification for paying lots of money to live there. I've heard the nightlife is nothing to look forward to nor is it known for it's culture.
The problem could easily be solved by simply building more. Unlike SF or Manhattan, Vancouver doesn't even have artificial land growth limitations for being on an inlet/island to rationalize the lack of growth.