Not to be rude, but quite frankly, what you feel the home is worth matters not one iota. 

People are consistently stating what THEY feel property values should be in Toronto/GTA. Fortunately,  the market will ultimately decide that.

Consider this:

- Toronto is consistently listed as one of the top cities in the world in which to live
- Toronto has just been listed #7 on the list of top financial centres in the world
- Toronto is one of the top tech hubs in the world
- Canada as a whole is an extremely safe country, with a stable government, a booming economy, and what I consider to be the most beautiful/scenic country in the world

So why shouldn't homes here be among the most expensive in the world? I believe they should be, and over the next 10-20 years, I see nothing but price appreciation. But again, what you or I think matters not at all. 

Add the fact that our dollar is still a 20% discount to the USD, and homes in Toronto are just that much more attractive to everyone else.