I understand some cities have exuberant property values, for various reasons. Is it that great of a city? I've never been, but what makes Vancouver special to see such high value increases?
Vancouver itself is attractive to investors because it has a very mild climate, is close to Seattle and the rest of the U.S. West Coast is a short flight, and it's much closer to Asia than the rest of Canada is.
It's also a very beautiful place with lots of amenities for those living there rather than overseas investors or occasional business travelers.
Vancouver also welcomed multiculturalism which helped a lot.
The city has since moved on (like all cities with time and technology) but I think many people still want that feeling of what it was like in the 90s. It was just a extremely nice place to start a family.