Central banks dont recognize it themselves given the huge amount of money being ploughed into housing, to attain the rampant speculation their low interest policies created. There was an article I saw today that there isnt even a housing shortage, just dimwitted people bidding up home values much like the US prior to 2008.

https://betterdwelling.com/canadian-real-estate-shortage-overstated-condos-wont-fix-costs-bmo/

Housing obviously acts as a liquidity sponge for debt to increase the wealth effect, but surely there is a reckoning like the US had at the end of all of this.