Against all odds, the Canadian housing market continued its torrid pace, ripping to new highs in the month of December. The Canadian Real Estate Association announced national home sales printed new highs for the calendar year. Yes, 2020 was full of surprises, and the depth of our nations housing fetish was certainly one of them. There was a total of 551,392 home sales recorded in 2020, surpassing the previous high set in 2016 when a wave of offshore money flooded the market. This time around the story is much different. This surge in buying activity has been prompted by several conditions. First and foremost, back in March/ April, policy makers had a decision. Pump the financial system full of liquidity and support asset prices, or do nothing and watch households collapse under a mountain of debt, while sending home prices tumbling. Four hundred billion dollars worth of Quantitive Easing later, combined with an immediate relaxation in capital reserve requirements for the banks, and a generous mortgage deferral program for the people, and there you have it. Not only did we save home prices, we actually increased them. A miraculous accomplishment despite all odds. Home prices closed out the year up