@Admiral Beez It's called "extend and pretend." The banks are allowing longer amortizations to avoid the bubble popping; too many distressed sales lower prices. At the same time, the Feds released Guidance in their budget encouraging FRFIs to help "keep Canadians in their homes." Everyone now has a perverse incentive to keep things going.
@Samwan low interest rates and excessive immigration have driven prices upward. Zoning, politics and construction costs also played a role.
Unless the government is expropriating you, nobody can force you to be part of an assembly. The property is yours to sell or hold. This results in humorous situations where a 1-2 story detached house has massive towers right next to it. There should be a few examples of houses like this near Yonge and Eglinton and other newly densifying areas.
Having a tower right next to your house likely makes it less appealing to someone who wants the light and space which come with a detached. It also loses its value in developers' eyes if existing towers prevent redevelopment.
However, we've pumped so much money into the economy, and continue pumping so many people into the country, that those values likely aren't likely to drop in the near term.
@gabe I once looked into the numbers behind this. If I remember correctly, the average price to income ratio in the 60s was 4-5. The average industrial job paid $4-5,000 a year. New detacheds in what's today the outer 416 were going for $20,000.
Today, that ratio is 27: $1.8m for the average detached versus $65,000 average individual Toronto income. And the old 5x ratio doesn't get you even a studio anywhere in the 416.
, kitchen just needs a shower and you can turn your old bathroom into another bedroom for rent 
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