I think the US and Canada are really similar here (and maybe it's global), but essentially the trend is: 1. There has been more demand for living in cities and

I think the US and Canada are really similar here (and maybe it's global), but essentially the trend is: 1. There has been more demand for living in cities and less for rural areas 2. That demand has not been met with the same increases in housing supply, so prices rise 3. Low interest rates make housing an even more attractive investment, and throw gasoline on the fire