Undervalued lol. A century of being undervalued. Nothing a good dose of low interest rates, mortgage insurance and Canadians with stories and expectations of increasing prices.  Where did I hear this before? Oh right the USA.

We have way way more land than the islands of England and Japan. We are in no way a London or Tokyo economically. We are not a Paris nor New York. We have a fraction of the population of the countries you cited. Many US cities have similar compositions of housing as Toronto.