The problem is that "solving" this problem would actually cause the majority of Canadians to lose massive amounts of money (even if they should never have earned that money in the first place) which would upset them and cause them to vote for another party.

It's impossible to have affordable houses for people who want to buy, and simultaneously maintain the existing values of current owners.

Given that around 65% of residential properties in Canada are lived in by their owners, that means around 65% of Canadians would lose massive amounts of their home value. To get Victoria or Vancouver or Toronto to "affordable" by the official definition, it would require existing home prices to drop by somewhere between 70-90%