There are a lot of reasons here but a big one is our immigration policy, which is 500k new residents per year, and that has been going on for many years. So, supply and demand. Homes are being bought as fast as they are being built. There are other factors as well though - foreign investors, money laundering, and even just Canadian culture and peoples ideas around home ownership.
It's finally starting to shift though because they are raising the mortgage rates rapidly. They went from 2-3% to 5-7% in just a few years. Haha it's pretty fuckity.
Yeah Japan has it right. Slow but steady growth would be nice, just to outpace inflation by a little. Not crazy hyper covid inflation but the regular kind.