Supply - The new housing units that are coming on line are tiny condos  70% are studio and 1 bedroom.   Even the 2 bedrooms are a joke - as the 2nd bedroom  barely fit a crib, and the master can fit a Queen but no side tables or dresser.

Demand - 60% of new condo units are not occupied by the owner.  All "investors" Investors prefer to buy many small units.    

Take away - housing bubble.   Municipalities have let down their citizens.  Who is allowing these permits?   Are they hateful lonely people, that can't get a date, as many of these units are unlivable for a couple, let alone a family.  Are they conducting a social experiment?   What is their motivation to allow these awful, tiny units?  My guess $.

Problem: That we do not know how much of this is foreign money is troubling.   That many foreign buyers are getting mortgages from Canadian banks is really worrying.