Among others, I'm sure, but some of the key reason are:
1. Ultra low interest rates.
2. Growing comfort with indebtedness.
3. A relatively strong, stable economy.
Interestingly, house prices in Canada and the US used to track each other rather closely. Since the most recent bubble burst in the US, American housing values have gone down for the most part while Canadian values have continued to rise.
Edited by jonny, 02 June 2015 - 07:55 AM.