This morning The Current on the CBC ran a piece on the Housing Bubble and the warnings from the OECD and Carney, the changes from Flaherty and the OSFI proposals.
It is here if you would like to listen to it.
Here is the disappointing part- the panel. Sherry Cooper, a media-savvy bank economist, the head of a mortgage broker's association, and a realtor! Where is the balance??
Where is David Madani, how about Ben Rabidoux even Garth Turner?!
If you are going to ask such a one-sided panel, why not just bring on the board of the CMHC and ask them what they think about it?
First, Sherry (God her voice grates on me) says the 1 TRILLION in mortgage debt the Canadian banks hold is not a big deal as the highly leveraged stuff has been insured by the CMHC, then she dismisses the calls from the OECD for higher rates.
Did she forecast the US housing bubble and subsequent collapse? If so, we should listen to her, if not...
The other two had their expected pro-RE positions. Toronto keeps marching along, one of them said gleefully, not understanding that they are marching over the abyss.
Actually the panel were not as partisan as they could have been. I think even the RE-ra-ra movement realizes that we are dealing with fire here. Fire that could very easily consume us all, and they are trying to sound responsible, least they be held resposnible for what follows.
“It won’t last. It just prepares the way for the bust. It forces out real businesses. And it drives out people who find themselves financially unable to live here any longer.” - When reading this article, Vancouverites may want to play spot-the-differences/spot-the-similarities. – ed. How the Surge of Hot Money Pushes San Francisco...
21 hours ago