The cause of skyrocketing house prices, which then cause a knock on effect in other markets, is foreign money. It has been studied to death in Vancouver by both universities and the answer is always the same - foreign money. Asian researchers are saying the same thing. 
Don't let the media (which make a lot of money from real estate and developer advertising) tell you any different. Don't let your politicians sell you out the way they have in BC. The race card was played heavily and often in Vancouver to try to get people to shut up. But it isn't racist to state the truth. Save yourselves, don't end up like Vancouver where an average income earner cannot even afford a 1 bedroom starter condo in the suburbs next to the City of Vancouver proper.