Oh gosh you’re our canary:

New Zealand, a country of only 5MM people has an even more insoluble supply crisis and nose-bleed price housing price increases. Its government has recently become the first industrialized country to instruct the independent Reserve Bank of New Zealand (RBNZ) to consider housing prices in making Monetary Policy.

https://baystreetgroup.ca/the-worst-kept-secret-is-uut-canadas-housing-market-is-the-most-undersupplied-in-the-g7/