Before you told me Vancouver Island, I'm confused. But here's Vancouver:
EVERYTHING in Vancouver/Burnaby is expensive. Little shacks downtown can cost a cool million.
North Van is the most expensive.
You could look at Coquitlam, Maple Ridge, Langley, or Abbotsford. Prices lessen the further away you are from Vancouver.
"The average selling price of a single family home for July, 2007 was $424,944 in Abbotsford."
I don't know if you want the big house, or the small condo, or basement suite, or whatever.
But you have to look at this map and decide how far you want to be out for a daily commute.
It can go from 45-75 minutes from Abbotsford depending on traffic.
But they are in the process of 'twinning' the Port Mann Bridge, which goes from Lower Fraser Valley into Vancouver. This will definitely lower traffic.
DNA shoot me a PM if you need any info.