There is a theory of capitalism called "unequal development" where rich capitalist countries extract wealth from poor pre-capitalist ones. This 'surplus-value' is stored in real estate in the form of debt.

The sociologist Henri Lefebvre posited that capitalism would have failed at the end of the industrial revolution if not for real estate propping up capitalism and providing a place to store capital.

High housing prices are a result of the neoliberal policies of the last 40 years. It is wealth extracted from the developing world and stored in rich capitalist countries.

When capitalism fails, as we see now with Sri Lanka, it is these developing countries that will be impacted worst. Best to stay in your tiny condo in Canada than have to face a complete colapse of the economy in Sri Lanka.