Canada

Supply and demand are key factors in pricing. If no one wanted to buy houses, prices would go down

I agree that both increasing supply and decreasing demand would move prices down. At the same time, while the different measures that we can take to increase supply would require months if not years to have an effect, there are several things we can do to reduce demand overnight. Here are some examples:

• Increase taxes on empty homes and homes owned by non-resident landlords. For example, by increasing property taxes while at the same time providing a refundable tax credit for your primary home when you file your income taxes
• Reduce yearly immigration targets and reduce the number of other visas, such as student visas
• Do not automatically grant citizenship to babies born in Canada unless their mother is legally residing here