Prices won’t decrease because demand will stay steady or increase, even with increased supply. Then there is inflation…

Immigration in Canada went from ~250k per year in 2020 to ~1.2m in 2023. All of those people need housing and the majority will not buy a house within a year after landing. Most of them will start families and their children will need affordable housing if they don’t live with their parents until they can afford a home.

The Canadian population will add 4 million by 2030 and they need to build 500k units per year to keep pace. They aren’t building half that currently.