Housing Bubble in Canada?

Housing prices are at an ALL.TIME.HIGH. in Canada right now. Some fun stats:

• 70% home ownership in Canada
• average single family home price in Vancouver = 11 times the median household income.
• average single family home price in Toronto = 9 times median household income.
• Canadian economy is not booming
• jobs are not growing
• incomes have become stagnant

Mainstream response when asked if there's a bubble: "Absolutely not!! Its different here!"

When I see a 1 bedroom shack sell for $2.3 million in Vancouver and know that driving half an hour south to the US the same property could be purchased for $50K, a red-flag goes off for me.