Let's add to this view that Ontario's electricity rates are among the highest in North-America, and the debt per capita, too !
Excessive government spending never ends well. Taxes will rise, and/or jobs disappears.
Hence I would be very careful in my real estate investment in BC and Ontario. Only very few select pockets make sense, as unemployment will rise and taxes too - thus threatening entire industries that rely on cheap electricity rates, such as car manufacturers or steel producers.
In Ontario KWC is a good bet and cash-flowing homes in the GTA in the green belt due to lack of land (thus likely increase in value, as opposed to condos)
In BC Northern BC with huge LNG expansion makes sense (Kitimat, Prince Rupert, Fort Saint John, Dawson Creek) but with an incoming NDP it, too, will get hosed like Ontario with huge tax increases, higher unemployment and huge debt.
Some articles on that here:
Ontario's deficit is like Greece's:
http://news.nationalpost.com/2013/01/31/greece-offers-a-cautionary-tale-fraser-institute-likens-ontario-to-economic-basket-cases-as-provinces-debt-continues-to-climb/
Ontario's green disaster:
http://opinion.financialpost.com/2013/05/01/ontarios-green-disaster/
Spending restraint post-poned:
http://opinion.financialpost.com/2013/05/02/ontario-liberals-postpone-spending-restraint/
NDP + Liberals = Spending galore:
http://opinion.financialpost.com/2013/05/01/terence-corcoran-ontario-liberals-last-power-trip/
I expect a huge investment increase in Ontario (like in BC in 2001 or in SK in 2005) if and when they elect a right-of-centre government, followed by a real estate boom.
In fact, I would argue as a coarse filter than any region of the world with a left-of-center government should be avoided for real estate investment due to excessive spending, rising debt and increase in taxes, leaving less money for rent or house purchases.