Canada

So how are those two asset types tied so closely?

For 1 bd condos specifically prices did go down, because developers overshot the supply aiming for investors. But larger units are still very much underserved and there's too much demand.

Houses aren't expensive just because they're houses. They're expensive mostly because there's a big plot of land underneath, land that eventually will be required for a big tower that will sell like hot cakes. It's the same market because Canada has a market of land speculation.