Canada's problem is much bigger than real estate. Adding 3%+ of your population yearly drives down wages and increases housing costs. Canada not building enough housing to support that influx is only part of the problem.
These immigration statistics make it clear: https://www.statista.com/statistics/443063/number-of-immigra...
This started after Trudeau was re-elected for the second time, but he has been consistent in calling for increased immigration. I guess he expected it to be his last term and decided to go all out. Of course, considering the timing (housing crisis and stagflation) that's a bad look.