Without going into politics:
Demand for housing far outstripping supply,
Greenbelts limiting viable building sites,
High housing prices increasing demand for high rise condominiums,
Lack of highway infrastructure and mass transit infrastructure limiting the distance people are able/willing to commute,
Decades of poor absolute lack of industrial planning, reducing the areas that employers can locate,
Some elements of NIMBY.
I could sell my modest townhouse right now and have more than enough for a nice house in a Dallas suburb...
I could sell and move into a rather decadent house in St John New Brunswick and have enough change to buy a second one and still have change for a gas guzzling Mercedes.
It is nuts here. But it will not stay that way. House prices take the escalator up and the elevator down. As mortgage rates rise, there will be a cascade of defaults depressing house prices. Some might say we are in a bubble.