It's not. We had a housing bubble that's still working itself out.

Credit has been nearly free for a long time. Cheap money increases buyer leverage, which translates into higher prices. Plus large numbers of immigrants in big cities a big factor. Buying a home is generally #1 focus of new Canadians, They’re a big enough block of market participants to move prices.

Lots of other factors of course. I imagine since R/E market is hyper local, country-wide stats won’t really give an accurate picture postal code to postal code.