Toronto has all the markings of a speculative bubble. Rampant and illogical prince increases, Ponzzi-like bidding wars. It is really spectacular. What goes up does come down, and the crash will be equally spectacular. For Millenials who are priced out of the market my advice is to wait. When the market falls you'll be glad and happy you were priced out. Banks will still hold your feet to the mortgage fire even if your house is valued for substantially less.