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Maybe? Well if you compare Toronto to say, Houston, they're both getting a lot of immigrants lately, but Houston housing prices are much lower. In Houston much of them are Hispanic, mostly from Mexico, which I guess are not as wealthy as the Asians moving to Toronto, although these are by no means all wealthy. East Asian (Chinese, Korean, Japanese) immigrants are generally wealthy but other minority immigrants less so and more mixed. East Asians only accounted for 11.7% of the Toronto CMA's population increase from 2006 to 2011.
In the case of Houston, it's population increase from 2000 to 2010 came from
Whites: 6.7%
Blacks: 17.8%
Hispanics: 62.4%
Asians: 13.0%
Asians in the US census include not just East Asians but Filipinos, SE Asians and South Asians though (Middle Easterners and Arabs are considered White), so I'm not sure how many are East Asian vs other parts of Asia.
Well you're right immigrants are one of the reasons that Toronto has perpetual demand but I don't think that's the only reason though. After all China is going through a slump now.
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Is it easier to move to the US? 
