Lots of building is a symptom of rising prices that also helps reduce the price increases.

Places with rising prices will generally also see increasing density, but if they increased density faster the prices would not increase as much or even decrease.

It’s hard to come up with a counterfactual. My hometown, DC, is very popular right now and is also building quite a bit of housing and rents aren’t accelerating like they are in similar places like Boston.

You think a single family home sitting on a 10 acre plot in the middle of Manhattan would be less expensive than an apartment in the same location?

If New York City were full of SFHs sitting on 10 acre plots, it seems like it might be more comparable to Halifax? I see a listing for a 1500 sq ft home on 13 acres for C$650k on Zillow.

To be fair, I do see a 39th floor 3 bedroom Manhattan condo for only $620k, but the HOA fee is $8k/month, which might be a little steep.

Right, and building a 39 story skyrise in Halifax wouldn’t suddenly make every single family home worth $15 million.