Why compare the Toronto housing bubble with that in Japan or the US? You don't have to look further than Toronto for a direct comparison; [housing prices in Toronto decreased by 40%](http://www.torontocondobubble.com/2013/02/toronto-housing-bu...) between 1989 and 1997.
Second, a bully offer is not an "aggressively high" offer by definition. A bully offer is simply an offer that is submitted before an agreed upon offer date. He offers no evidence to his argument that houses are going for 6-figures above the asking price.
Last, ideally these statistics would have been given in context. Don't pull two historical housing bubbles and then compare their growth to Toronto's. Rather, pull all fast growth housing markets and compare their behaviour to Toronto's. In other words, how often is this growth not a bubble?
I'm 32 years old and consider myself very fortunate to be able to own in Toronto. This will allow my family to live in the city I love. Many of my friends are facing the choice where if they wait and growth continues they'll may be priced out permanently, but if they buy into the market they may be sitting on a bubble. There was tons of bubble talk when we bought, but we were more worried about being priced out.