I am not saying your friends were speculating, nor that you are. I am saying that the price appreciation of a home from 350K to 850K in 6 years is a result of speculation. It is money made out of thin air. It adds nothing to an economy or a society and it contributes to making housing unaffordable for ordinary working people. And that's a BAD thing, OK?

As for your comments on the Vancouver realestate market, I couldn't disagree more. At the moment it is primarily driven by two things only: fear and speculation. Fear that it will be unaffordable if one doesn't buy now and speculation that one can still make good money on appreciation even at the current ridiculously inflated prices. Any of this sound familiar?