Vancouver's high prices have very little to do with demand for real estate as SHELTER. People are not clamoring to live here because there are great employment opportunities. Reducing the incentives that make Vancouver real estate spectacularly attractive for non-shelter investment (speculation, hedge citizenship, etc.) will have a positive impact on affordability (and reverse the de-diversification of our economy):

1) Stop facilitating ever-greater amounts of mortgage debt that allow people to bid up prices.

2) Reduce the special tax treatments that make real estate attractive as a gold bar-type investment.

3) Introduce measures and close the many loopholes that make Canada one of the most attractive nations for citizens of convenience/foreign capital.

Not that I disagree with affordable housing initiatives as a worthwhile endeavor (up to a point), but if you do the above housing will become much more affordable.