What's true, and scary, is that while 60% of Canadians own homes, almost half are Boomers and more than half are Boomers and elder Xers, and they're looking to cash out because the death of the defined-benefit pension (and frankly, pensions in general) combined with low interest rates on bonds, shrinking dividends in favour or stock price growth and repeated recessions that sapped their investment holding means that house equity is the only way these people can afford to retire.
I work at a company that sells to LTC and private healthcare, and let me tell you, the executives that run those businesses are looking to make huge amounts of money by soaking old Boomers for every red cent.
When enough of them cash out, and with younger Xers, millenials and zoomers priced out, expect the market to crater.
The best time for the governments of this country to do something about this was twenty years ago when things started to get overheated in the GTA and GVA. But the money was too good, so they let the tumour progress a bit, and now they risk killing the patient.