Agree 100%

To answer Rich's question, there is no "economic underpinning" because Canada has none of the following to support a massive run-up in house values:
1. Productivity growth to say we are producing more per hour worked than before (i.e., economic productivity improvement)
2. Industry growth -- there are no non-resource based industries in Canada that can be considered world class. Certainly none that have emerged as world class during the period of house price appreciation where we can say "wow, the profits are going to accrue to Canadians, and we are making money from other countries"
3. Related to the two points above, there has been very little income growth. Canadians don't earn more.

The only "foundation" for higher prices is A) extremely low interest rates B) foreign parking of cash in the Canadian economy due to lax FCPA type protections C) self-reinforcing speculative behavior.