Where I'll probably end up a nice 3 bedroom, 1500ish sq ft new apartment with a view and all the amenities would cost $200-$250k.
You can rent that for $600 to $800 a month. That's definitely a bubble. There's very little return on investment, now, owning property.
In the TC it's been the opposite as rents went up as people lost their homes, and values went down. $1,200 per month to rent something that one could buy for $120k or so.