Here's my case for keeping housing prices high: the rich are largely insulated from fluctuations of the market. If housing prices drop then what's left of the middle class will be destroyed. Then the rich will come in to pick its corpse. Property will be concentrated even more in the hands of the rich and given 20 years we'll be in a worse position than before. I think what we need is to slowly increase housing supply while financially weakening the owner class. Eventually, housing prices will come down but the rich won't be able to buy all of it. But shocking the system in the short term will prevent any average Canadian from owning property ever again. We'll have to weather the storm for a while but things will get better. But I'm not a rocket economist, so feel free to refute this.