(Availability of and access to) Debt is definitely a driving factor. It grants access to a larger group of people and if supply can't keep up (for a variety of reasons), it'd drive it up prices in the short to medium term.
In the postwar era, any time you saw a country ease mortgage lending rules, home prices would inevitably rise, which would inevitably be made worse by further lessening of standards to "expand affordability". This was the TL;DR of Canadian housing prices (compounded by high immigration, lack of trades people, and high resource costs due to at the time demand from China).
In the postwar era, any time you saw a country ease mortgage lending rules, home prices would inevitably rise, which would inevitably be made worse by further lessening of standards to "expand affordability". This was the TL;DR of Canadian housing prices (compounded by high immigration, lack of trades people, and high resource costs due to at the time demand from China).