No, the data does not suggest otherwise. I won't be surprised if Vancouver is very different from San Francisco, which has extremely low vacancy rates.
https://sf.curbed.com/2019/3/21/18276227/vacancy-rate-san-jo...
https://sf.curbed.com/2019/3/21/18276227/vacancy-rate-san-jo...
So, yes -- it does.
If there were 10x as many homes for sale as are currently for sale, what do you think that'd do to the price of homes in the area?
Source: https://www.mercurynews.com/2019/02/14/the-bay-area-has-more...