But when looking at a bench mark for prices I prefer to look at the inflation adjusted historic norm.  

We have artificially inflated prices, in most of the areas with cash sales to out-of-state folks, or local  cash buyers.

Otherwise the money has to come from your own pocket or an inflated rent.

Wages are going up slightly with inflation. 

Prices have been inflated and too many buyers are willing to buy ignoring the fact that their investment will be underperforming-at least that is my opinion.

What it does provide is year-over-year property appreciation AND rent price, high tenant demand - demand just exceeds supply, as well as net migration and being an inflation-proof vacation destination. 

You're welcome, generally, the issue with owning only 1 unit is it won't have a net positive cashflow once you account for R&M, vacancy, insurance, mortgage payments etc, additionally with condos you don't own as much land and as Stevo mentioned in Alberta it's fairly easy to keep building more condos so as the building ages and condo fees goes up your value goes down (adjusted for inflation).

We’ll also pretend inflation was only 3%.

Let's state the obvious: Inflation is a booger! 

Call it a "half-time" to the inflation pump.