Seriously? You're saying that condos in downtown San Francisco can be had for under $500k? You can most likely find a condo in downtown Toronto for that price. Housing prices in Toronto are nowhere near the SF Bay Area. Geography constrains West Coast cities in a way that simply doesn't apply to Toronto/Montreal/Ottawa. There is still plenty of farm land in the GTA waiting to be developed. The distance between Hamilton and Toronto is similar to the distance between San Francisco and San Jose. You can still find houses for under $500k in Hamilton.

Given a 90 minute drive (the time it takes to drive from San Jose at rush hour on a good day), one can find a house for $500k in Antioch or Brentwood. The markets are comparable.