Annie, spare us the trite diatribe about the tulip bubble. 

I live in Toronto, and people have been warning that house prices have been in "bubble" territory since at least 2005.... a full 12 years ago.

I'm not suggesting that house prices in Toronto are NOT in a bubble, but the problem with Chicken Little prognosticators like yourself is that you have absolutely no idea when this so-called bubble will pop.  Absolutely no idea, whatsoever, yet for the past decade or more you have told others to sit and wait for the correction.   

So here's what's happened to those people.  They've sat, they've waited, yet house prices continued to climb, their existing rents continued to climb, their families grew... and they can no longer wait around for this "so-called" bubble to pop.  

Believe it or not, life moves on and some aren't willing to squat in a 3rd floor apartment for the rest of their lives, waiting for this eventual "bubble" to pop.