Why economists shrug off the housing bubble

Globe and Mail

Can economists warn us of housing bubbles and crashes - ahead of time?  It's a question that becomes ever more fascinating as Canada's real estate market scales new heights.  The reaction from most Canadian bank economists has been largely a shrug.  Yes, activity may be overheated in certain cities, they acknowledge, and prices may have to back off a little, but there's little reason to worry about anything serious.

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Michael James

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