Most of Canada is reasonably priced. Two of the biggest cities, Toronto and Vancouver have got very high house prices though. I've been living in/around Toronto for about ten years now. Every year for the last ten years, people notice that the cost of a home is going up and say that we're in a bubble and that it'll burst any minute now. It'll be interesting to see what happens if interest rates ever start to rise, but for the moment I don't really see it as being a dangerously inflated.