It probably will create its own bubble, but whats different about Vancouver is that there are fundamental reasons why its doing well instead of the financial gimmicks that created much of the US housing bubble.
Alot of resource based companies are based in the area and Canada has a growing economy.
Specifically within Canada, Vancouver and all of BC has alot of Asians and since thats the place in the world thats economically growing the most in the world, Vancouver gains benefits from that.
You are right. Vancouver is completely unique. The a baby boomers are retiring and have to stay in Canada 6 months of the year or lose health benefits.
The only place the weather is mild and you have culture is a small enclave called The Lowermainland.
So the migration here is insane. Plus huge immigration from the Orient. Asian pop is almost larger than SF.
Nobody, except me is from here