As everybody is well aware, housing is THE pillar supporting the Canadian economy. It is also responsible for burdening households with a mountain of debt. In fact, the majority of Canadian household debt, 69 per cent, is made up of mortgage debt and by continuing to pile on more debt, house prices have increased, contributing to a 70% increase in the aggregate net worth of Canadian households since the end of 2010. And so, when the economy plunged into a deep recession, it’s no surprise policy makers were so quick to intervene. The Bank of Canada’s quantitative easing program ran into overdrive. Remember, Quantitative easing involves, large-scale purchases of government bonds which lower the interest rates or ‘yields’ on those bonds. This pushes down on the interest rates offered on loans (eg mortgages or business loans) and is designed to stimulate the economy by boosting a wide range of financial asset prices. Yes, rising real estate prices are quite literally the desired outcome. Ironically, when Bank of Canada Governor, Tiff Macklem, was asked this past week about concerns over rising debt loads and home prices, the Governor naturally downplayed those concerns. Quoting, “it’s certainly something that we’re watching, housing markets have come back