[kredd]

It’s the same problem in every desirable major city in the world, especially if you do relative comparisons within the country. Demand won’t die unless we start seeing widespread depopulation that can’t be offset through immigration, and from the supply side, it’s in the best interest of the homeowners (majority of the voter base) to keep the prices high. Basically, our best bet is to slow down the housing inflation, rather than deflation. Since it won’t happen easily, and if it happens, there will be bigger and worse problems.

I might be wrong, but that’s what I gather while renting in one of the hot spots of extreme housing prices (Vancouver).