Video interview on BNN interview with
Looking at the composition of residential investment. . . a substantial run-up in renovation investment . . .
Renovation was 2.8% of GDP down to 2.7% This is a long way above where we were, which was at 1.5% of GDP. We see this as a symptom of a larger bubble in Canada.
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Q: would you consider what you are describing as a temporary lull . . .?
A: for a number of years the canadian housing market will be in a persistent slump.