Who can afford these mortgages !!!!!!!
A sample mortgage of $600.000 at 3.70% pa. amortized over 300 months requires annual payments of $36,712.00 or $ 3,059.00 pm. Banks would look for an annual income of at least $100,000.00 to meet their mortgage servicing ratio. Instead of analyzing home prices, 
We need  to take a  closer look at average salaries of folks living in Canada's large cities could be more meaningful. (I also wonder how banks would confirm income of foreign buyers?)
Who can afford such monthly payments if they don't earn $140,000.0 annually and with good job security.
Yes the largest sub sovereign debt in the world and a unsustainable mortgage market, what could wrong.