Pop increase faster than housing / good jobs. The usual. Tried to juice economy post covid with MASS Indian immigration, for reference peak "Chinese" immigration was post HK handover was 60k, settled at 40k per year, lots of Chinese wealth transfer to Canada. Indian immigration went from 60k per year to over 140k, outrageous amount. Bluntly, most of west including Canada gets second tier immigrants, all the good opportunities in US, Canada doesn't get to retain tier1 talent, and Indian immigrants are in aggregate less wealthy. The entire point of brain drain is to get best brains, or in lieu get wealth. Canada got neither. This not knock on Indian immigrants, who work just as hard as every other, just acknowledging value proposition is not the same.

The broader context is Canada is on paper a small pop country with sufficiently alright governance to get per capita rich selling shit from ground. The more people you have have, the less that model works, and frankly Canada at 25m in the 00s already passed that point (vs 6m Norway). It doesn't help that... foreign influence have stagnated Canadian fossil/extractive industries development. Trudeau thought it was good idea to aim for 100m Canadians by 2100 (century initiative)... which on paper makes sense - only way for Canada to compete/influence vs US is heft, but of course that means a lot of brown and eventually black people fighting for housing and opportunities in the interregnum.

Unsurprisingly, broken housing market = no one likes that interregnum.