I lived at Yonge and St Clair and the Annex for  10 years before moving to Oakville to have a family. Now that the kids are out of high school I have zero interest in being anywhere near the GTA. 
Do I believe the market is in bubble territory? Absolutely! Do I believe the home I owned in the Annex that I paid $316k for is now worth $2.5 mm. NO.. is the place I built in Oakville 14 years ago for $345 worth $1.9 million now? Not a chance
The leverage provided by low interest rates is staggering. Many people are using home equity loans and if rates creep up (they will) or prices come down 20% (on their way) then many will find their equity has evaporated, banks unwilling to re-finance them and even then they won't be able to carry the load.

Lets not even mention the congestion etc.

The only people believing this bubble will continue to inflate are the agents  and the speculators.. And when you have double the number of agents in Toronto as you do in Chicago there is a big fan club