The evidence is in economic crises throughout history. Of the 46 financial crises for which we have data, the overwhelming majority of those, 70%, were preceded by housing boom-and-bust cycles. There's a book called House of Debt, by Atif Mian and Amir Sufi, and they say it is as definitive a relationship as exists in macroeconomics.
We were jeopardizing the economic future of Canada by promoting an economic cycle in housing markets that could result in a crash and could result in unemployment for people.