Almost all of the net population growth in Canada over the last 40 years has been in three provinces - BC, Alberta and Ontario. And within them, the vast majority of the population growth has been in at most a total of a half dozen cities.

For the vast majority of the land area of the country, and probably around 50% of the total population, the price of a house (inflation adjusted) has probably not increased, and may have in fact decreased.

In other words, ask someone who has bought a house in say Prince Albert Saskatchewan, or Dryden, Ontario. See if their $78,000 house from 1975 or so, is now worth 10, or 15 times what they paid for it...it likely has not even doubled in price - if they could sell it..