Now that consensus has finally figured out this is no longer a case of pent-up demand, but rather a new bull market, people are looking for someone to blame. As I mentioned in last months report, this was a housing boom manufactured in Ottawa. Ironically, in a recent media interview, former Bank of Canada governor Stephen Poloz, admitted the recent housing boom was an intended consequence. “If the side-effect is a hot housing market, that’s one I’ll take every day.” – Poloz responded when asked about the extreme monetary policy measures taken at the onset of the pandemic. Adding, “It’s hot, and we could see signs of speculation, but we have to accept that because otherwise we would have a really, really bad recession.”
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