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Many a bubble took off without any meaningful income or interest rate change.

I guess my point is that this might not be a bubble; but rather a longer term trend (within that trend there can certainly be points of exuberance - and we are in such a point now).

Real interest rates certainly matter to current affordability and prices, but they seem to have surprisingly modest explanatory power for medium to long time frames.

There are of course other impacts on the Vancouver market; including the off shore buyers who have skewed the market, but I would suggest that interest rates have had the biggest impact (prices have risen substantially nationally).

Over long periods, there is pretty reasonable mean reversion to rents,

What is your definition of long periods? :)

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