The devil is in the details

The lack of solid data on Canada’s housing market is a cause for concern, and a top economist believes something should be done about it, reports The Globe and Mail.

In a letter entitled “Flying Blind,” CIBC economist Benjamin Tal notes that “the gap between the importance of the real estate market to the economy and the lack of publicly available information on it is mind-boggling.”

Economists have long been dogged by this issue, and Tal believes that appropriate action needs to be taken by the federal government. He believes that the appointment of a new finance minister in Ottawa is a perfect opportunity for the government to make some much-needed changes.

“The time to act is now,” writes Tal. “With fresh players steering our policy ship, the new Finance Minister, the new Governor of the Bank of Canada and the new head of CMHC have an opportunity to chart a course that (will) reduce any risk of a real estate bubble by making data availability a top priority.”


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