Canada

I agree that much of the problem is low interest rates, due to China now manufacturing our goods; coupled with the US removing shelter from their CPI in the late 80s, which made borrowing cheaper globally.

To prevent deflation they let people take on huge amounts of mortgage debt, which increased the money supply and raises aggregate demand to hit a 2% inflation target. Which we see as high house prices.

Though I have to laugh when you say housing is unregulated, we have some of the highest developer fees, slowest approvals, most sprawled zoning regulation. If we want population growth without wiping out greenbelt you need to fix those first. You can usually only build a single family home, and land values/taxes make up the large bulk of the price.