Toronto & Vancouver Home Owners are MEGA RICH?! (on average)

[Michael Rosehart]

The average mortgage debt in Toronto is $194, 000 and 259, 000 in vancouver.
Given the average house price is in toront and vancouver is north of a million are we surmising that the average torononian is mega rich? It is very common to see properties selling for 2-3 million in Vancouver (with the average I'm sure nearing a million)...

So most people in toronto/Vancouver have at least a  half a million in untapped equity. Why aren't people selling their homes, taking the million and retiring? Or better yet, leveraging that up to buy 20-30 properties in any rational market (not Toronto or Vancouver).

...

I'm still shocked at how low the average mortgage to house price ratio is. I assume most people bought these houses 10-20 years ago at rock bottom, have paid the mortgage down further, and are sitting on gold mines?! REFINANCE!!!!