As you said, there have been a number of things affecting the dynamics in the housing market, and low interest rates are one. Most people who buy a home buy on credit, so when interest rates are low, you can buy more house.
There was the surge during the pandemic. As you pointed out, there were some shifts in demand and in the types of housing that people were looking for, and to my previous question with MP Chambers, there was the effect of immigration on housing for sure.
The one thing that has been constant throughout is there is not enough supply of housing. It's really a fundamental law of economics: If there's more demand for something than there is supply, there's going to be pressure on prices.
We need, over the long term, to deal with housing supply. That will be one of the most important things to relieve pressure. It is encouraging to see different levels of government pursuing a variety of programs to deal with supply, but that is something the bank has pointed out for quite a long time now.