Demento, you have religion on this topic, I will give you that.  But the Toronto situation is not like Vancouver.  Vancouver began in earnest in about 1995 as folks from Hong Kong looked at the city as a safely net.  Prices have been too high for most locals since then with a big move up as more Asians in particular have moved or bought there with the emergence of China.

Toronto is a different story.  Steady immigration, good jobs, folks from Canada moving here too, low interest rates and then a panic.  The last year here is unlike any other.  It is a panic based bubble with locals, perhaps some who are speculators, panicking and making silly choices.

Like tulips or the South Sea bubble it is irrational and feeds on itself.

Because it is irrational, there is no obvious policy approach (unlike BC).  At best we need to hope that Wynn's effort plays a role in stopping the panic and that cooler,  local heads prevail.