There are a lot of illegal housing arrangements like 2-3 families in a basement that cities tend overlook (utility usage not matching with official data) because that's the only way they can sustain the population/economic growth without triggering NIMBYs
Housing in Canada is expensive for North America. Relative to incomes it remains cheap.
That’s not true at all.. Almost nobody with a house in Canada has the income to buy it at current prices. The only way most people can do it is because they bought a long time ago or got an inheritance from somebody who bought a long time ago
No. It's actually less affordable than the US relative to income.
That said, it's undergoing a massive correction right now, so you may be right in 3-5 years.
Can you please provide a source? According to https://data.oecd.org/price/housing-prices.htm Canada is only behind Portugal and The Netherlands in terms of housing price to income ratio.