Vancouver prices..can they last?

How can Vancouver maintain these prices...

The last article I read on Vancouver was that housing affordability was now at 63%. That means 63% of the average persons income now goes to pay for a home. And according to my notes, its been like that in Vancouver for almost 1.5 years now. Any normal person with a shred of intelligence can tell you that it is impossible to live and afford to buy housing when its at 63%. This statistic clearly indicates a bubble. So why hasn't it burst yet? What the heck is keeping it afloat for so long? Perhaps I'm missing something?

Well here is what I know. The coming Olympics is pumping up the bubble. The growing foreign investment in real estate is definitely keeping this bubble afloat. And ....is there anything else? I ask this question because I must be missing something can anyone help me? ) . My common sense training on fundamental economics tells me that this bubble will have to burst soon.

But then does my fundamental economic training account for the massive influx ( massive from a Canadian perspective) of foreigners looking to buy a piece of Canadian heaven? The housing affordability index is great for determining the local economy ( and yes I advocate buy local...) but it does not account for the huge input the overseas buyers are putting on the market.

I guess the answer is the bubble will burst when China stops growing....

Mana Real Estate Group