This still holds true today.  The upper end of the market has slowed but remained reasonable in a more sane way but condo sales are still going crazy since all the housing measures were out in place.  Simply put people want to own a home here, the lack of planning for decades has hampered this, but condos are an option for both buyers and sellers!

http://business.financialpost.com/real-estate/condo-prices-still-on-fire-in-vancouvers-tale-of-two-markets