Shady

The real estate market is being fueled by bad government policy.  I'm not sure why you're ok with getting involved in every other industry, but for some reason now you're  free market lassiez faire.  Hypocrite much?  People are now paying skyrocketing property taxes based on inflated home values.  If interest rates go up even a bit, millions of people will face foreclosure.  But for some reason unlimited immigration is a religion to you.  And if that causes big problems for Canadians, too bad.  

And it's not just about supply and demand.  It's about cheap money, shortages, and investors.  Get your head out of the sand.  Stop being a Trudeau cultist at all costs.

https://globalnews.ca/news/8133853/canada-election-housing-crisis-explained/

I'm not totally free market. But the prices are a direct result of Supply and Demand. 

Regulate foreign investment, by all means.  

From the article you cited. 

Quote

Justin Trudeau’s Liberals have had six years since he became prime minister in 2015, with lots of talk but negligible impact on prices or supply. Faced with a tougher re-election bid than he’d expected this summer, Trudeau embarked on one of his patented promise binges,  unveiling a juicy package of pledges. A ban of sorts on foreign ownership, extra taxes on existing foreign property left sitting empty, an end to blind bidding, some sort of tax to discourage flipping, a tax-free savings plan for first-time buyers and billions of dollars (with the Liberals there are always billions of dollars available) for builders to build “middle class homes.”

People obtaining mortgages need to pass a stress test from the bank to ensure they can endure an Interest rate spike. 

AND if prices do go down, many people who recently entered the market won't have any appreciable equity in their home. They won't even be able to afford to sell it. 

If you're going to obsess about immigration, be my guest. It just sounds racist, but whatever. Immigration is the only way to boost the population, because it's also too expensive to have kids. Canada has policies to ensure immigrants provide useless skills to the society. And I doubt refugees are entering the Real Estate market. 

We could mandate that wages keep track with the cost of living. But, you know, communism right? 

There are no easy answers to this problem. Places where people want to live are expensive. Especially when NIMBYs in these communities block further development.