The inanity of this comment.
The municipal budget is not tied to house prices.  The budget is what it is, and as house prices go up, the mil rate generally goes down in proportionate measure.
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In the real estate market, by definition, for every buyer there must also be a seller.
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Suppose you are a home owner.  Suppose that you are counting on selling your house to fund your retirement - you intend to go live in Peterborough, where you grew up, for example.
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Now somebody comes along and kicks the knees out from under the price of your house in Toronto = good bye retirement savings.
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Do you think people might be just a little angry if that happened?
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Can you see that might be a bit of a political problem?
Can you see that lots of politicians might not want to touch that?