The numbers don't pan out until for buildings with fewer than 5 floors or so. I don't know the street, but this will almost certainly be a 3 story house, max.
Lots of historic reasons for why Canada and the USA build with wood, but beyond that and going forward, I expect we're going to see even more of a pivot toward wood buildings as both countries try to meet their climate goals. Concrete is a big CO2 emitter while wood is CO2 storage.