Fantastic article - thank you for writing this!
I agree housing should not be seen as just another financial asset for free market investment. What I also think is problematic is that though housing has become another financial instrument, this market appears to be less regulated than other financial assets like many securities and derivatives, even though the housing market impacts a larger segment of the population as everyone needs a place to live. The brokers/dealers are self regulated rather than regulated by a government body, sold prices are not publicly disclosed, offers are not publicly disclosed, properties are often purchased as is or with no time for inspection (unlike securities which are sold with a prospectus). And it is a market where the government has encouraged high leverage and therefore risky behaviour through CMHC and tax incentives. And it appears to be a dark market where govt somehow can't figure out who the players are - foreigners, speculators, shell comps?