Micro-markets are found in metropolitan areas with strong local economies that continue to generate jobs and raise incomes. Most micro-markets are apparently located in established neighbourhoods close to the urban centres so residents don't have a long commute to work. House prices are above average in micro-markets with highly regarded school systems and low crime.
During correction phases many micro markets remain strong and ripe for investment. I think micro markets could include the entire City of Vancouver-although that is not how the term would usually be applied. Waterfront properties and those with views also hold their value and again, while not what the term usually refers to, meet the criteria generally. If we look at local neighbourhoods as micro markets as the term is usually used, some local micro-markets I'm keeping an eye on are: Main Street, Point Grey, all of the west and north van waterfront within 10 minutes of a bridge, Strathcona, Kitsilano, and the downtown Vancouver core.
(source: Housing pockets defy real estate downturn, Detroit Free Press Aug 12, 2007)