From the article: "the best way to address [the bubble] is to try to carefully let some air out, before the balloon pops."

Serious question: does anyone have any examples of a "soft landing" or engineered plateau in a real estate market, when prices are very decoupled from local incomes and rents? Because I don't know of any. How can you "let some air out"? Maybe the message should be: if you think the high prices are bad, stop baking in more pain and letting them go higher.

Meteoric price increases in Canada are driven by policies related to debt, real estate, and "citizens of convenience" (demonizing all immigration is a poor choice). Hearty laughter should greet anyone suggesting high prices are the result of a roaring economy that is creating high demand for shelter. Similarly, laughter should meet anyone who calls real estate a free market. It is the most interfered with market in Canada (taxpayer-backed mortgage insurance, capital gains exemptions, myriad tax credits, etc.).