I doubt it, but its housing situation is an enormous drag on the entire economy and is a deadweight loss. This makes everyone poorer than they otherwise would have been — even those who got “richer” from housing wealth (definitionally, that is what a deadweight loss does).
We’d been considering immigrating to Canada but have pretty much thrown that out the window due to the state of the Canadian housing market in any desirable and non-frigid city. Our standard of living would be worse and would be in decline, as are most Canadian people’s (no matter what the official stats say).
The US isn’t doing well at housing either — but Canada’s mismanagement of it is a whole other thing that I want no part of.