The only thing driving home prices higher in Canada is pure speculation. Both domestic and foreign "investors". Plus our governments local and provincials are hooked on (land transfer) taxes and fees like crack. So far we have not heard a peep from the opposing political parties. In Ontario, Conservatives are thinking that they will simply win based solely on the hydro issues and other scams committed by Liberals. Hopefully, Conservatives at Federal level will pick a sane leader. They are not asked any questions on housing crisis going on in this country in their debates. People are being pushed out further and further from where they work. Govt talks about protecting the equity of baby boomers. How much equity do they need? I see this as a transfer of wealth - from future generation to current/older.  Millennials will never be able to afford a house. If they buy one at these insane prices, they will be paying the mortgage forever. Sad part: It sucks so much money out of the economy.