You know you're in the midst of a housing bubble when people start focusing on non-factors to blame.

Greenbelt, immigration numbers, lack of certain "types" of housing. Really?

So, these things cause people to spend 10x their gross annual income on a home? These things cause people to be willing to "invest" in already overpriced real estate? No, it is all psychological. The moment people realize the emperor has no clothes is the moment that the prices will start to fall. First slow, then rapidly. Anyone diverting money into buying a home in Toronto (or Vancouver, though that has started to change rapidly) as a safe place to invest will find out just how safe that investment is in the coming 6-18 months.