Are you only counting detached homes? There are very few of those in Vancouver proper. If there are any, they are mansions. Do the same comparison with condos? And apartments?
No you are very incorrect. 81% of the land area of the City of Vancouver is zoned for detached homes and most of these are simple, cheap post war houses or cheap 60s era "Vancouver Specials."
The houses in Vancouver are so crappy someone even made a joke quiz about it, in 2010, when the prices were a lot lower: http://www.crackshackormansion.com/