Yes I agree.  We live in Ocean Park, Crescent Beach area and sales are still happening quite regularly, not crazy like before but just normally.  A tear down in Crescent beach on a 6000 sq ft lot just sold for $1,250,000.   Values seem to be holding here.  And there is a lot of infill building going on(tearing down old and building new) and renovating existing homes.  We are still much more reasonably priced out here as compared to Vancouver, you get so much more for your money.