Highest debt to GDP in G7s, meaning a large portion of people bought recently or HELOC'd are leveraged up to secure their place in the market.
Detached housing is at 40% non owner-occupied in BC, I'm sure it is worse in Vancouver metro area. [1]
[0] https://www.cbc.ca/news/business/marketplace-mortgage-fraud-...
[1] https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=461000...