The USD median house price in Vancouver is misleading too, because it wasn't long ago that the dollar was at parity, and incomes certainly haven't changed much as the dollar has dropped by a third.
Anyway, so far the effect on Victoria seems to be our own mini (compared to Vancouver; still nuts for most of the world) housing boom. I have three couples of close friends all house-hunting right now, and it's not a fun time to be doing so. I can't imagine committing to pay the better part of a million dollars for something with less than a day's deliberation, no time for an inspection, and a need to offer over asking price to even have a hope of "winning".
Anyway, so far the effect on Victoria seems to be our own mini (compared to Vancouver; still nuts for most of the world) housing boom. I have three couples of close friends all house-hunting right now, and it's not a fun time to be doing so. I can't imagine committing to pay the better part of a million dollars for something with less than a day's deliberation, no time for an inspection, and a need to offer over asking price to even have a hope of "winning".