Not so much.
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House prices are high because demand is high:
60 - 100,000 people/year move to the GTA, for 40 years.
The GTA is booming.  That's why people move there.
Immigrants make the economy boom.
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Since 2007 interest rates have been low to goose the economy.  But buying houses in Toronto (or Vancouver) is a lot easier way to make money than manufacturing.
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For 25 years the Oil Industry has stopped transit building = constricts choice = house price spike.
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For a decade the Oil Party kept the CA$ high (killed manufacturing). Now CA$ is 25% lower,  houses in GTA, Vanc., are a bargain as a safe one-way investment.  Price them in US$, since they compete with NYSE shares as investments.
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Best to raise interest rates, bit-by-bit, to make investment less attractive. 
But that would hurt exports, and anger everyone using their house as an RSP.
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House prices stop rising when demand falls.
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Be careful what you wish for, though:
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Some cures are worse than the disease.