I think part of what muddies the waters here is that there's so much speculation in the market. In some areas, particularly megacities, there are also a lot of

I think part of what muddies the waters here is that there's so much speculation in the market. In some areas, particularly megacities, there are also a lot of ultrawealthy foreign investors buying up real estate in the U.S. and Canada to park/hide their fortunes. So you have lots of market participants who are not interested in buying a property for the purpose of living in it. And if you're building exclusively for the top bidder, then it will take some time before you get to actually housing the people who need it, and it may not be in areas that are convenient for them to live in.