Heh, no, the Olympics typically don't cause much of a bubble on their own. I present Sydney house prices from 1980-2008:

http://www.marshegroup.com.au/SiteMedia/w3svc627/Uploads/Ima...

Sydney, as you may recall, had the Summer Olympics (generally much bigger than the Winter ones) in 2000, and if anything that's just the start of another spurt of bubble.

Vancouver is bubbly for all sorts of reasons (and so is Sydney). Mostly I think it's the same bubble that hit the United States, but due to less crazy lending standards in Canada there hasn't been the sudden burst there.