Per capita yes. Obviously, a small bungalow is cheaper to build than a quadplex. But that quadplex shares the cost of the roof, walls, foundation, roads and utilities. You get diminishing returns with skyscrapers, which are complex technological marvels that take half a decade or more to build on average in Canada.
This is why all the cheapest rental and housing stock are those older 3 story apartments along arterial roads. They are the most affordable housing in the country, and we keep destroying them because it’s the only place density is “allowed”.