^nope. At least in Toronto, over the last decade new housing starts have remained essentially flat, bouncing between 30,000 and 50,000 units every year.
This graph from this
PDF show the trend well. Lowrise starts steadily decline while highrise starts increase. New lowrise starts have steadily declined from 20,000 annual starts to around 10,000 annual starts, and highrise has increased on average to around 30,000 annual starts from 20,000 annual starts. If you look at the data even further back, the change is even more striking. In the mid 1990's highrise starts were in the 5,000 range and lowrise starts in the 30,000 range.
The reason condo starts are more volatile is because of longer construction cycles, lowrise takes 3 months to construct but highrise takes 3 years, its more difficult for developers to meet demand accurately.
Essentially, the condo boom isn't really a bubble in the sense that we are overbuilding housing stock. Quite the opposite, the right amount of stock is being constructed just as it has been for the last 35 years or longer. the form of the new construction has simply shifted from suburban homes on the edges of Mississauga and Newmarket to highrise construction.