Investing in Toronto and Vancouver area is risky at this moment for cash-flow ie buy-and-hold investors. Speculation abounds and doable for those with deep cash pockets.
Single Family Homes (SFHs) will likely continue to APPRECIATE in value as they are not making any more, and in fact, often take them out to make room for more condos, THs or mid-rises. However, SFHs are tough to cash-flow. Condos will appreciate far less, if at all, after the sharp rise we've seen over the last few years. Banks are tightening mortgage underwriting.
What makes sense are pre-sales or assets that cash flow, like up/down houses, THs or entry level condos. If you can hold with negative cash-flow SFHs and newer condos too make sense, but due to negative cash flow it is very high risk and you can't buy too many of these. Proceed with extreme caution in both markets.
Other, less risky, but still fairly bouyant but cash-flowing markets exists all over the place, in BC, AB, SK or ON: Kamloops, Kelowna, S-Okanagan, Nanaimo, Central AB, Edmonton, Sunshine Coast, Kingston, Ottawa, Barrie, London, etc ..