Can you please provide a source? According to https://data.oecd.org/price/housing-prices.htm Canada is only behind Portugal and The Netherlands in terms of housing price to income ratio.

No. It's actually less affordable than the US relative to income.

That said, it's undergoing a massive correction right now, so you may be right in 3-5 years.

That’s not true at all.. Almost nobody with a house in Canada has the income to buy it at current prices. The only way most people can do it is because they bought a long time ago or got an inheritance from somebody who bought a long time ago