Yep.  It's not just about the high wages for administrators, it's about the huge increases in the number of them!  Look at Figure 7 (page 10) on this report published by the colleges themselves:

http://www.collegesontario.org/research/2016_Environmental_Scan/CO_EnvScan_2016_RESOURCES_WEB_REV.pdf

The number of academic staff flat-lined years ago (even as the number of students goes up), while the number of administrators continues to increase every year.  I'm sure that it is just as bad or worse at the universities.