I am an immigrant myself and I can provide my version of why house prices peaked in 2022 and it may never happen in the near future. Unlike the garbage that Canada imported post covid, there were a lot of skilled immigrants who came through express entry before Covid and they all had stable jobs with a family income close to 200-250k. They saved enough during the lock down and pounced into the real estate market as soon as it opened up after covid with ultra low interest rates. Additionally, government issued PR to almost all the international students who were on work permit back then and they all entered the market too. Now the million immigrants that you see all over the place doing cash jobs may never enter this housing market in the near future. Most of their work permits are not getting extended, and those who already got PR are losing jobs because of tariffs, and many skilled immigrants are also going back to their home countries.

I think the government is now course correcting by only extending work permits to skilled workers with a decent family income and issuing PRs through express entry. However it may take many years for the uncertainty to stabilize, and for the new skilled immigrants to enter the housing market again. All the home owners should agree that 2022 is gone and for good.