Vancouver real estate picks up

I have been noticing a number of sold signs showing up in our neighbourhood, so I thought that the real estate market was picking up.  Turns out I was right according to MLS numbers for March.  I do have a bunch of price comparisons because there's 4 houses that have regularly sold.  I think I'll find out what they sold for and see what's been happening to prices in our neck of the woods.  There's one that we always do a comparison, a reno'd place on 800 block W 22nd with a suite that we think is worth about 5-10% more than ours.  It's up for sale now, though not yet sold.  I vividly remember the conversation I had with the owner back in 2004 when prices were 60% of what they are now, and he said we should buy the yellow house across the street from us.  That house went up 100% from then to 2008.  oof.

Now the question is whether we've hit bottom, or whether this is just a dead-cat bounce.  Could be that a lot of inventory will come on the market where owners that really do need to sell finally can, and the buyers scoop them up on the assumption that "there's never been a better time to buy".