In order to solve the affordable housing crisis in Canada, the government needs to get the speculators and investors out of the housing market. Its impossible for first time home buyers to compete against investor groups looking to make a better financial return than they can get from banks or stocks.
Speculators drive up the price.
Also, if you walk around old neighbourhoods in cities, you will notice that houses were smaller, simpler on narrower lots. Those are the kinds of houses that we need today. Smaller simpler houses on narrower lots is what we need today. Not mansions.
Houses need to be for living in, not an investment for a hedge fund. Not for money making opportunities for speculators.