- Article link: http://www.cbc.ca/news/business/average-house-price-up-8-3-to-454-976-in-october-1.3320674
In recent years, the hosing costs in Canada increase dramatically especially in B.C. (Vancouver) and Ontario (Toronto). Based on my research, hosing prices were up 4.7 per cent from a year earlier in Toronto, however, compared with B.C.’s, that is not a big deal. The British Columbia Real State Association said that “by April, 2015, the total dollar volume was $5.8 billion, a 57.1% increase from a year ago while average prices climbed 14.1% during the period to $641,799”. (http://business.financialpost.com/personal-finance/mortgages-real-estate/vancouver-not-alone-broader-b-c-housing-market-heats-up-rock-bottom-rates-spur-sales). So what are the reasons behind the surging housing cost?
The first reason is that the moderate climate of B.C., especially for Vancouver which is the most “livable” city in the world, attracting more and more immigration to live there. According to my research, nearly 40,000 immigrations enter in Vancouver each year. 
source: http://www.welcomebc.ca/welcome_bc/media/Media-Gallery/docs/immigration/PR-tables-for-CIC-print-edition.pdf
With the increasing population, the demand of houses also increases, leading to a higher level of hosing cost.
What is more, the housing estate in B.C. and Ontario is limited. That means the supply of the housing is less than the demand. In Vancouver and Toronto, the hosing estates are most likely be a house or a condo, providing limited space for citizens to live.
(http://www.mikestewart.ca/radius-condos-a-new-presale-development-in-kits-by-ledingham-mcallister-with-pricing-floor-plans)
It is worth mentioning that since Vancouver and Toronto are well developed cities in Canada, so these places are able to attract business investment, improving the economies. With the booming economy, the prices of hosing estate will definitely be higher. The same situation also occurs in China. In China, cities like Shanghai and Beijing, the housing price there is almost 5 times higher than the housing price in the second and third level cities.
However, for the citizens in B.C. and Ontario, this is the worse news. According to a citizen born and raised in Vancouver, he is so upset to experience the high hosing cost:
Vancouver, “most liveable” as it may be, represents crap value for money and has since roughly 2000. If aging boomers and wealthy immigrants want to continue living in this fantasy world and bidding up the cost of living they can have this place all to themselves… I am happy to contribute to the community and economy of a vibrant and interesting city that actually wants me and my family as a residents. And no I am not going to live in your freaking garage…oh sorry
(http://thetyee.ca/News/2014/01/30/BC-Housing-Drives-Inequality/)
In my opinion, the government had better to pay attention on this serious issues and take some actions to control the hosing price, such as building more houses for people or limit the number of personal hosing estate.