Just slightly off topic, I have been living in Edmonton for the last year and it looks like we won't be able to leave until the fall of 2015 thanks to the GF and her desire to be an academic.
RE prices here (IMO), make Van RE prices seem reasonable. For instance we are trying to move downtown to make her commute easier, but there is virtually no options for "nice buildings". Just as an example, the highly coveted "Alta Vista" building; (I would have used the Icon but there isn't anything comparable for sale)
REALTOR.ca -Property Details E3363763
Vs. Typical Yaletown yuppie pad
REALTOR.ca -Property Details V1046650
Barely any difference in price or features IMO, except the following;
Yaletown - you get a view of beautiful Van, amazing food nearby, safe, coastal climate
Edmonton - you get a view of dirtsville, shitty food nearby, Oilver area is not safe, and terrible Alberta climate.
Obviously Van has many other advantages, it's proximity to the US, ability to draw major venues, beaches/mountains, etc.
Sure in Edmonton you could buy a 2000sq ft house in a new area, but you are in the middle of nowhere, you will be commuting for hours and hours each week. There is no landscaping, no character, and your utility bills.. well mine are roughly 600/month on average over the year (Heat in winter, AC in summer). All people do for fun in Edmonton is drive around and shop. I hate this place.
Having said all that, when I move back to Van and drop 700k+ on an apartment smaller than 1000sqft I won't mind one bit. So maybe that can help explain why the prices can be so bonkers here.. cause they are bonkers everywhere else, and everywhere else is a shithole in comparison.
Oh, and one last thing, #&$& you Toronto.
Van
Edit: And since this is a car forum, I should mention the roads are shit here and the winter destroys your vehicle.... plus you will mile it out since the city is laid out so poorly with no concept of centralization.