I don't agree that this is the root cause. The root cause is the artificial demand on housing created though our mass immigration policy. Canada accepts _at least_ 500,000 people per year through various channels, "temporary" foreign workers, international students (many of whom stay), refugees, and of course, normal immigration. And I am low balling that number. It could be closer to 1 million.
When you bring in an entire large city worth of people, it stands to reason that this will cause massive pressure on housing prices. Now sustain that yearly increase for decades, and you have the problem we face today.
There are 9 million people in Canada (a country of around 40M) currently living here on 10 year visa's. - Crazy!
So there you have it. How could you leave that completely out from your argument and only blame zoning laws and nimbyism?