BC Housing Stock value: >$1 Trillion [actually, $1,043,127,129,141]
BC GDP: $191 Billion 
Ratio: 5.46 to 1
sources: 2011 BC Property Assessment Notice, nfbpsh.blogspot.com 1 May 2011, and wikipedia [with hat-tip to commenter ‘GG’ at nfbpsh].
Price:Rent and Price:Income ratios suggest that BC housing is two to three times overvalued. The TotalHousingValue:GDP ratio supports those conclusions and, in fact, suggests that the overvaluation may be even greater. It seems almost impossible to conceive, but this ‘third fundamental’ suggests that housing values in BC could drop by about half and we’d still be as overvalued compared to GDP at the Irish were at the beginning of their collapse! Note, too, that the market ‘value’ of housing in BC is likely underestimated as it makes use of property assessment values and we all know that housing in Vancouver is ‘worth’ at least 25% more in current markets.
There is absolutely no doubt regarding the existence of a massive bubble.
How much more extreme can things get before we implode? – vreaa