Basic economics would suggest that where demand exceeds supply that prices rise.  Similarly where supply exceeds demand, prices will fall.

Considering there is ample documentation and evidence that supply (as in low-rise) has failed to meet demand, then it is not surprising that prices have increased.  Now, why is there a lack of supply for low-rise houses???  That would be due to the greenbelt....

Want to reduce prices, increase supply....or pick your favourite boogey man (in BC it is the chinese).  In any event, so long has supply is less than demand, don't expect prices to drop.