With mortgage rates low and the market overheated, former finance ministers would likely have stepped in to put some controls on the situation.

Current finance minster Jim Oliver has adopted a "watch and see" approach, which according to one investment executive, is a mistake.

Sadiq Adatia is chief investment officer at Sun Life Global Investments Inc. and says that rates need to go up now to cool the market or when they inevitably increase (likely next year) there will be a harder landing for the market.

Adatia also says that the governor of the Bank of Canada needs to be giving more hints about rate rises.

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