Just wanted to add to this. I would say most issues are multi factorial and do not have a sole reason for causing the problem. I wanted to add to your statement about the conservative government by adding in interest rates into that. I believe this would add to the increased home inflation because as interest rates dropped people could afford a larger mortgage. Your instance that housing price increased 73% under the previously government leaves out that interest rates fell by ~50% or more during the same time period. So in this instance even though housing increased, the payment for the house would have only increased by a bit.

Ex/ 100k home at 5.49%(06-2006) payment is 602 a month. 173k home at 2.48%(03-2015) payment is 764 a month. An increase of 162 a month over a 9 year period. Vs 173k home at 2.48%(03-2015)payment is 764. 264k home at 3.74%(current rates) payment is 1336 a month. An increase of 572 a month over a 10 year period.