the reality is that housing prices - i mean mortgages - never really come down much in canada because there's a purposeful government policy to keep them high. the government goes way out of it's way to stop prices from falling by buying up mortgages. that's the actual reason that we had interest rate hikes in the pandemic, as the fear was that old people dying would lead to their kids selling their house at below market prices.

for that reason, we can actually have falling rents and increasing property values at the same time, by cutting immigration and buying up canada housing bonds. and, frankly, that's fine with me.