Toronto has been the economic and immigration centre of Canada for 20 years. Why has there suddenly been an inflection point in the rate of price growth in the last 2-3 years? [1] What about Toronto's economic fundamentals (i.e. the capacity of Torontonians to pay for housing) has changed in that period?

Don't get me wrong, there are definitely organic factors that contribute to the price growth in Toronto. But those cannot account for >15% year-over-year growth.

[1] http://www.torontohomes-for-sale.com/4a_custpage_2578.html