Canadian housing prices are not irrational. Assuming that no new housing gets built in canada, but canada keeps welcoming immigrants, no new supply but increasing demand, the prices will rise even further.
Despite how hard that is to believe, market equilibrium may not have been reached and prices may still rise.
In a properly functioning market we should see rising supply to meet demand.
Unfortunately regulation (zoning) prevents that. So until regulation improves to allow for more supply, everything else is a bandage.
That, or make it so somehow people stop wanting to live in large metros by eg creating economic opportunities in other cities.