Think housing is expensive in Vancouver?  Try living here.  Unless you have an uncountable amount of money (which usually means you are part of the crooked elite), forget about owning a house in Tokyo.  Apartments prices can be astronomical as well.  Of course prices depend on the area but I will give you some examples from today's newspaper.  

A 3 bedroom apartment with living room (standard rooms over here are about 10 sq. meters) in downtown Tokyo rents for 1,150,000 yen per month (that's about $14,375 Cdn).  Of course before you can move in there is also the 1 to 2 months rent equivalent "line the landlords pocket" fee.  Yeah that price is high for here too but the cheapest listing in today's paper (not a real estate paper mind you-they have cheaper stuff for the 'poor' people in those) is a 2 bedroom / 2 bathroom / large dining-living room in downtown Tokyo for 560,000 yen per month ($7,000 Cdn).  Based on these prices you can imagine how small the average "Taro" (Japanese equivalent of Joe) in Tokyo's apartment is.  Most "affordable" apartments have one small 10 sq. meter room that serves as a bedroom and living room.  Just fold up the futon and you have an instant living room (where you also eat your meals and watch TV - if you have room for one).

Outside of the city prices do drop but in a country 1/30th the size of Canada and with 4 times the population, the size of a house is restricted and prices are still high compared to prices in Canada.  Buildings are built so close together that you cant tell where one ends and the next one begins.  Most people can touch their neighbors house if they stick their arm out the window.  Have a look at the picture.  This lot is about 1/4 acre in size.  How many houses do you think they will put in there?  I am guessing 10 (a smaller lot up the road had 8 put in).  I will let you know how many for sure once they put the road in down the middle.  Each of those houses will sell for about $3-400,000 Cdn.  And it's common knowledge that houses lose their value.  After 15 to 20 years, your house (if a typhoon or earthquake hasn't wiped it out by then) will be worth nothing and the only value you will have is from the property that the house is built on.  Needless to say I won't be buying a house here.

Here's a picture of my apartment building.  It is considered to be a "long way" from the station (less that 10 min by bike) but is quite large in size (on Japanese standards).  The building has 8 such apartments.  The place is somewhat run down and is a far cry from a standard Canadian apartment but the rent is 90,000 yen a month ($1125 Cdn).  The closer you are to a station, the higher the rent.  Live close to a stop for a rapid train and the rent goes up even more.  Luckily City Hall pays for half of my rent!  Click on the picture to for a tour of the inside of the place.