Morneau is incompetent. He announced money in his March budget to collect more information on foreign buyers as part of a Housing Statistics Framework. Why wasn’t this announced in the fall of 2015? What was he waiting for? As Dave said, the housing bubble was created by the Bank of Canada’s low interest rate policies. Morneau, in signing off on the 2016 renewal of the inflation-control agreement, did nothing that would rein them in, and everything to encourage them. He should have insisted that a senior representative of the Bank of Canada be at the meeting, but no-one from the central bank was there.