Great question
@Josie Stern.
I would say, no. I'm not traditionally a Conservative supporter but, in their oversight of the housing market over the past few years, I think they've done a pretty fantastic job. A lot of economists who were concerned before are now saying that even if housing prices do fall, there is no chance of a US-style crash, rather prices will just level out and maybe dip a bit.
It's a unique circumstance today because, traditionally, when prices are going up across the board including asset prices like homes, the Bank of Canada steps in to raise interest rates. However, because other sectors of the economy have not rebounded in quite the same way as the housing market, Mark Carney and the Bank of Canada have been rendered powerless.
I think it was great that Jim Flaherty recognized the necessity to stifle what could have become a more serious asset bubble and nipped it in the bud.