The only way an average house in a Canadian city can reach, in price, dozens of times the average annual local income...

... is if there is a flood of external money arriving, for example in the hands of millionaires bringing their money in from overseas.

It does not matter if it is Richmond or Vancouver or South Surrey or Toronto.

If the price if an average house is reaching dozens of times the average annual local income, then the cause is massive demand from an external money supply. Look, think about it, it is basic math, local banks are NOT handing out mortgages to local workers for dozens of times their incomes!

On that landscape, increasing SUPPLY, building more houses, does NOT produce lower house prices. The hyper-demand is too great from the external money source.

You have to address the cause of the super-skyrocketed house prices if you want to lower them, and the cause is massive demand with money coming not from local workers with local jobs, it is from elsewhere.