Deputy Governor Lawrence Schembri and the Bank of Canada have analyzed the Canadian housing market, including house prices and compared them to market's around the world. They found that house prices over the last 20 years have been rising relative to household income. Also, he found that tighter lending conditions since 2007 have improved credit-worthiness of borrowers, with average credit scores increasing. Although he acknowledges that rising house prices have increased household debt, it is well-managed and does not create a significant risk against a strong financial system. The stable, conservative banking system in Canada saved us from following the U.S. into an an economic catastrophe in 2007. The bank of Canada seems to have kept us solid and stable since then as well.