Like you said the housing in BC is in a bubble of its own, that keeps moving due to immigration from external and internal peoples. The apartment/ flat market is slowed right down and either stabilized or decreased in certain areas/ districts (very rare so far). This is due to the flood of people selling, renovations coming on the market, and tons of new developements coming on the market. Housing is still selling but at a much slower rate then a few months ago.. I was talking to a few friends that have been looking and some of the houses they looked at have been reduced. They are still selling more than apartments, but not at the same rate. With the dump in the US market and other parts of Canada, its only a matter of time until the Banks in Canada raise the interest rates.. With many people with holdings in houses or apartments barely making the payments now, alot of houses and apartments will be dumped.. and the bubble will burst. Not as bad as everywhere else, but I predict a shock to alot of people. 2010 will have a major effect as well.