Luckily, Canada is a lot better than your description.
Every developed country is running into immigration and housing issues. Canada isn't alone and isn't even the worst case.
They've already announced measures to reduce student visas which were uncapped previously.
https://www.ft.com/content/085cda38-9060-4da1-8532-1a3af9cd7...
Still. This isn't going to solve the issue. They need to build far more than they currently are doing. They need to strip local government of its veto over housing. They need to definancialize real estate.
We have people renting a single bed in the same room for 600$/mo in Toronto.
I suppose that however if you are an immigrant from a war torn country or a developing country, Canada would look like heaven.
Housing: Large cities like Toronto and Vancouver are unaffordable, but so are other large cities like London, New York etc. Just like most other countries, if you want to pay less for housing, go to a smaller city
Quality of life: how are you measuring this? By most measures (life expectancy, crime etc) Canada is well ahead of the US.
Innovation and salaries: Innovation is a bit hard to define, but salaries are definitely lower than the US. But here the US is also an outlier (at least for high earners) compared to most other countries. Tech salaries in Canada for example aren't lower than most European countries.