It’s more than that, right? Canadian real estate is bonkers for example, and would still be even if we magically elevated Canadian salaries to US levels.
I think ratios are worse in Canada pay/housing. SF/Bay are also nice because you can make a lot, rent, and then move away to low cost housing. The opposite doesn't work - you can't make a bunch of money in Canada and go elsewhere to cheaper housing, at least not easily. West coast wages are probably objectively bloated, but that bloat is the primary reason global talent flows there with the plan to not necessarily stay there forever.