Just to add to this, we live in a town of ~50k people about 2 hours out of Toronto, and house prices are up 20% yearly since before COVID. 2-3 bedroom houses, are brushing up against $1million this year.

Not as bad as other parts of Canada to be sure, but most people living here have manufacturing jobs or are in the military. I don't see how this is sustainable, since there's nothing for rich people to do here.