In a number of cities that have hosted the Olympics, the "build-up" has been exciting, but by the time the event has arrived, the legacy isn't quite what had been expected. As a result, the market cools drastically, as people remember that the Olympics really only last for a couple of weeks anyway.
http://www.vancouver2010.com/en

Although this is still a point of speculation, it's hard to find much in print that doesn't point to the U.S. subprime crisis having some way to go yet. The Canadian economy, whether we like it or not, is closely linked to that of America. If it keeps spiralling down, it will take us for a swim too.
http://en.wikipedia.org/wiki/Subprime

The affordability of housing has become so out-of-reach that am article in the Vancouver Sun last year noted that "takes 70 per cent of pre-tax income to service basic ownership costs (including mortgage payments, utilities and property taxes) for a two-storey home in the region". Yeesh.
http://www.canada.com/vancouversun/news/story.html?id=b61baf66-63f5-4fd1-9ef0-2ed822ff06a1&k=14891

Interest rates are at a low. This can change, and given how high of a debt-ratio many homeowners have assumed, even a 1% increase can make all the difference. Imagine what happens if we see interest rates do what they did in the early 80s... many will find themselves bracing for a wild ride.

See that house? It's currently listed at $499,000. That seems like a lot in some markets, but it will buy you a one bedroom apartment in Vancouver. I don't know about you, but I think that I would find life on the beach rather nice.
http://www.bajaproperties.net/asplistingslocation.htm