Well, I don't know where the article was sourcing their stats from, but I live in Vancouver and have clients all over the lower mainland and I can tell you, it's complete BS. Unless they are referencing the very high end of the market. Stuff in the middle of the market is still hot from Pitt Meadows to UBC, from Deep Cove to Tswassen.
One bedroom condos in Vancouver proper have apparently gone up at least 25% since the beginning of the year. One of my clients is attempting to buy, has been for months, and she commented that all the properties that were being listed for $400K 4 months ago are now being listed for $500K.
She has a $500k budget and the audacity to want her own insuite washer/dryer, which means that she is now priced out of most of the market in Vancouver proper. I looked at the MLS yesterday and most of what I saw was well over $500K. For 500-600 square feet. Not luxury. I found two one bedrooms for 400-ish square feet, fifty years old and never updated, shared laundry and leasehold, for just under $400 K.