The Bank of Canada shouldn't be let off the hook so easily for not reacting more strongly about  housing inflation and for restricting itself to moralistic lectures to people  doing what its low interest rates were supposed to do, namely encourage consumer borrowing so as to "spend Canada to prosperity".  Nor should the federal government, banks,  and CMHC be let off the hook for lowering downpayment requirements at the turn of this century.   In the 1970s and 1980s banks wouldn't consider you for a mortgage  unless you had 20-25% down, and the maximum mortgage term was 25 years, with 20 years encouraged. 
Also, Mr Mason ignores interest rates of 10-20% in the 1980s and early 1990s in assessing the true cost of housing then. I bought my first house in 1977 (700 sq ft) for $57000 with 20% down and mortgage  payments of $600 per month, selling it 10 years later for $67000 with equity of about $24000. In other words, I  paid $70000 over 10 years for $12000 of house.