Its not 'bubbling' everywhere - just the meccas of Toronto and Vancouver and their bedroom communities are going nuts. Move to western Canada and prices are still very reasonable.
Calgary detached homes are up 9% year over year, in a pandemic, with Alberta's oil industry haemorrhaging jobs. The only way 9% is low is in relation to the rest of Canada. BC (Victoria, Nanaimo, Kelowna, etc, all outside Vancouver) are up 30%. Nova Scotia is up 30%+ even outside Halifax.
[0] https://www.cbc.ca/news/canada/calgary/calgary-real-estate-b...
Here's a chart showing the actual average prices: http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-calgary1j_...
The top purple line shows single family homes which peaked at about 500k in 07, about 14 years ago. Now they are supposedly about 550k which is only a few percent rise per year. This is totally consistent with my own house values.
The CBC article says prices are up 9% from last year. It doesnt bother to mention that they aren't much different than 14 years ago.
Edit: I recall about 10 years ago when someone built a house in a nice part of Calgary that was over 3M and people were surprised there was a house that expensive. A quick check shows there are several homes for sale over 10M now and there are over fifty at 3M and up. The high end stuff keeps rising astronomically.
Also not a surprise that Calgary peaked in 07, as that is when the oil price peaked.
Everywhere outside of Alberta (and maybe Sask) is going mental. Not just the GTA and the Lower Mainland.