Incorrect. The acreage has way more value TO YOU, but dollar wise, it's worth far less than that condo in Toronto, I mean that is not possible to argue. Many people want to enjoy the amenities of a city, and to them, your acreage has zero value because they don't want to live in isolation, and that place in Toronto does have that value to them because they get to enjoy life the way they enjoy it.
To each their own.
Although that's true, I think there's a lot more to it than that. It seems as if that Chinese "ghost city" bubble is not confined to China. The insane cost of property here in London isn't purely about people 'wanting to enjoy the amenities of a city', it's also driven by the same mad speculative impulse described in the OP (often foreign money, including Russian and Chinese). Much of the new construction in London sits empty, it's owned by foreigners as 'an investment', not to live in, just as described in the OP video.
Capitalism seems to be going senile in its old age.