The housing crisis has little to do with the Federal government, or for that matter, the Bank of Canada.The States set interest rates and we have to fellow along at a few points greater. The Bank is independent, but the rules are well known to anyone who has an interest in economics. The provinces set the building codes and the cities enforce them. So that is where the housing costs come from. Canada didn't have an 2008 crash in the housing market, we have regulations to prevent that.
In BC and particularly the Vancouver region the local government has had a huge impact on housing prices with the increased regulations.
Our local leadership is not much better with lot splitting to renew older neighbourhoods --- older home and lot seeling for the $400K range --- torn down and split for 2 skinneys priced at $700K to over $1M depending on level of fit out. Someone who could afford the $400K as a starter will not be able to afford the new skinny's. Neighbouring communities are growing due to this mentallity from our civic leaders.
On the Federal side the carbon tax has driven up the price of goods and services required to both construct new and undertake renovations. This tax alone has been a major driver in the material cost of homes going up. Now add to this the higher morgage rates and soon to be higher again. Very difficult to get into a new home when the initial cost has gone up so much and the pile on occurs with the morgage.
Unfortunately in our are the trend is buy new vs get a starter home and work your way up.