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The root cause is demographics. The immigrants is part of the government's desperate attempts to prop housing up. Canada and Europe are doing the same thing.
They failed.
The government, ICE, is deporting the illegals.
Are there enough immigrants buying Canada's expensive housing (without overcrowding them and without government assistance) ?
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.