Canada is nearing 'peak crazy in the housing market'
Canada's large cities with over 1,000,000 are now pushing an affordability index of over 9, meaning the average home price is 9X average income. This is well above the 4.5 necessary to create housing market price volatility. Vancouver is today the second most expensive housing market in the world. These prices cannot be maintained, and the market will collapse, either through a crash, or terminal weakening, and long term decline. The crash is much more likely. Toronto is in the same boat.
12th Annual Demographia International Housing Affordability Survey: 2016 Rating Middle-Income Housing Affordability
The problem is the fact that these localities limit land available for housing in a nation which is all land and no people. This is about like Russia placing strict growth restrictions on Siberia. But the Urban Planning/Smart Growth virus has infected the local politicians, and they will adhere to this idiocy at all costs knowing that it is in the best interest of the citizens. But it isn't unless the best interest is to force all of the young people, the lower class, and the middle class out of these cities.
Good luck, you are going to need it. Perhaps Toronto could call Mayor Rob back into service, at least he was fun corrupt!