Comment: Yes, you have it. Toronto is now going the way of every major city in the world for housing prices. I doubt they will ever decline, no matter what the Gov't does. 
I lived in Japan for years and the only way anyone can buy a house there is if they have a lot of money and take out 100 year mortgage. If you own a house, you won't pay if off unless you are very wealthy or win the lottery. Everyone else will pay the mortgage until they die and pass the house on to the next generation. 
In Hong Kong, only the very rich own homes. Everyone else rents.