CRASHONOMICS

Date	Expert	Quote
2017-07-04	Tim Hudak	"I think you can make the argument that it's been a lot of government interference that has made it a lot more expensive to own a home," Hudak said. "By that I mean there have been a lot of rules over time that have compounded that have limited housing supply and limited housing choice in the marketplace." "We don't have enough quantity of homes in the marketplace in the Greater Golden Horseshoe area."
2017-06-20	Jennifer Keesmaat	â€œIf they choose to stay in the city those are the odds â€” that theyâ€™ll raise their family very differently from how they were raised, just as Iâ€™m raising my family very differently from how I was raised,â€ â€œThey are now competing with global capital. They are in entry-level positions making entry-level salaries, sometimes working more than one job and they are competing with capital from around the city that wants the same housing that they do,â€
2017-06-19	Hilliard MacBeth	"The Canadian bubble is actually worse than the U.S.'s was prior to the correction. In the metric of household debt, we're quite a bit higher than the U.S. was. The length and the amount of the price increase in house prices are also much more extended than the U.S. was prior to the crash." "In Toronto, where the biggest bubble exists, we're looking at [house prices] six or seven times household incomes. And prior to this bubble, the high end of that range was three times. That would imply a 50 per cent correction to get back to where things are normal and reasonable again."
2017-06-13	Tim Hudak	He credited the Liberal government's Fair Housing Plan, which includes a 15-per-cent foreign buyers tax, with taking "some steam out of the market." "The best long-term solution – let's increase housing supply and housing choice. That way we can ensure millennials will be able to get a place of their own," said Hudak, former leader of the Ontario Progressive Conservative party.
2017-06-08	Stephen Poloz	"The two most important vulnerabilities for Canada's financial system – the elevated level of household indebtedness and imbalances in the Canadian housing market – have moved higher over the past six months," Poloz said at a news conference in Ottawa. Mortgages and home equity lines of credit make up 90 per cent of Canada's household debt levels, and the Bank of Canada is concerned that mortgage credit has been growing faster than disposable income. A growing number of highly indebted people are taking out uninsured mortgages with long amortization periods, and this is a concern for the bank. "Highly indebted households have less flexibility to deal with sudden changes in their income. As the number of these households grows, it is more likely that adverse economic shocks to households would significantly effect the economy and the financial system."
2017-06-08	Stephen Poloz	Threat from housing, high debts still growing, Poloz says. The dual threats of runaway regional housing markets and high household debt have grown over the past six months, the Bank of Canada said, but it believes Canada's financial system "remains resilient," thanks in part to a strengthening economic backdrop.
2017-05-02	Bill Morneau	Bill Morneau said on Tuesday that while there were pockets of risk in the housing markets in Toronto and Vancouver, there was no link between that and the troubles facing alternative mortgage lender Home Capital Group Inc. "It is true that we are facing some pockets of risk in our housing markets in Vancouver and Toronto, and certainly it is true that there was a challenge with this particular company. We do not see those two things as linked," Morneau told parliament.
2017-04-18	Tim Hudak	Ontario Real Estate Association CEO Tim Hudak said while it's a good sign that all three levels of government are talking, "it's critical that we do not lose sight of the underlying supply problem affecting home affordability." "Ultimately, the best solution to rapidly rising home prices is increasing the supply of listings and new homes in hot markets across Ontario like the GTA," said Hudak, who was at Queen's Park on Tuesday meeting with officials.
2017-04-17	John Tory	Mayor John Tory says he plans to discuss Toronto's lagging rental supply, a vacant property tax and the lack of real estate data when he meets Tuesday with the federal and Ontario finance ministers. The meeting between all three levels of government was arranged earlier this month in an effort to address soaring house prices in Canada's largest city.
2017-04-13	Stephen Poloz	Bank of Canada governor Stephen Poloz says higher interest rates will not be enough to cool the speculative frenzy in southern Ontario's hot housing market. In an exclusive interview with BNN, Poloz said even a "five per cent" hike in interest rates would not be enough to deter real estate risk-takers.

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