The problem is that people agree to pay ridiculous prices for properties. Same type of house can cost between 200 - 1,200,000 depending on location in Canada (if you compare for example mid size city in NS and GTA in ON).
But the bubble will burst at some point (same as it did in Europe) where people will be surprised that the house they bought for 1.5 million is really only worth 300,000, but bank still wants the million.
Wages are a completely different story... If you have a good trade or higher education, you can afford to live comfortable and not worry to meet needs ends. But if you only have a minimum wage job, you won't survive in GTA. Simple as that.
If you are going to move to Canada, make sure there is demand in job market for your profession and if possible, choose to live in smaller city/town that prices are bearable.