I essentially agree, there is a limited amount of land surrounding the big urban centres.  The old adage about supply and demand and nobody is making any more land.  However, there are other factors also affecting price compared to years ago - foreigners prefer large centres; municipal urban planners restricting condominium development; disposable income with a very low interest rate; more families have both spouses working compared to 60 years ago.  Canadians in large urban centres just as they did in New York will have to recognize families will have to adjust to living in condominiums or face a very long commute if they want to work downtown.