It appears that the driving factor is the global increase in the asset value of all assets, particularly urban land. Globally, urban land is the asset that is now up to 45% of total fixed asset value. This is the underappreciated fact of the day, in my view. The driver appears to be, first of all, inexpensive money, which became incredibly inexpensive during the COVID experience.
Essentially, free money has been available to go into an asset that you can predictably assume is going to appreciate between 8% and 10% a year, steadily. You have to be stupid not to invest in urban land. It's not the building you're investing in, because a building out in the woods is worthless. It's the building on top of that land that is valuable.
This is why I'm suggesting that it's necessary to target this specifically. There are a variety of ways to do that during the development process. There's also a land tax strategy. Milton Friedman was mentioned by one of the earlier speakers. He is famous for having said that the best tax to use is essentially a land tax, because land is an unproductive part of the economy that is now absorbing way too much of the capital value. Capital is being put into something that is essentially unproductive. As it inflates, it increases the stresses for Canadians.