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If you need to have a home to afford to retire;
And most young people will never own a home;
How do we expect this to play out?
I think what's being said is: if housing prices lower, you are going to ruin some people's retirement plan -- at least some of those people will have worked hard their entire life to purchase and pay off that house. There's been some incentive to save in this way as well (first time home buyer plan, tax deductions for more ecologically sound houses, that kind of thing).
I suspect he's probably right, that letting house prices drop would over all make things worse in Canada. My goto solution would be to subsidize housing by increasing taxes on corporations and people/corporations that own more than one house. but i'm not any kind of expert
If I stay in my house for my retirement, why would I care how much it is worth? I would only care about monthly costs like energy or insurance, what am I missing?