There is no way that housing prices that escalate far faster than wage growth, is at all sustainable.  

Once GTA homeowners finish rubbing their hands with glee at having won the retirement lottery, give a thought as to how the next generation will be able to afford housing.

Vancouver is the least unaffordable city in North america vis a vis income to purchase a home. This has made it difficult for business to attract or retain skilled professionals. Neighbourhoods in the City have been hollowed out as  working families leave, and houses become the second or third home for the rich. High land prices mean that livable bungalows and character homes are bulldozed for luxury mansions.

Once affordable rental apartments are torn down and replaced with micro condos which are purchased primarily as an investment, and often sit empty.

Is being on track to displace Vancouver when it comes to affordability a good thing? The GTA will soon find out.