Mark Carney, Governor of the Bank of Canada, made supposedly ‘off-record’ comments at a fund-raising event 18 Mar 2011. They were, nonetheless, released and then described in the G&M 19 May 2011 – “[His] tone was generally pessimistic on developed economy prospects, saying that we are still in the financial crisis (likely alluding to the hangover from fiscal stimulus in terms of sovereign debt, and the U.S. housing mess), and that judgments on how well Canada came through it should probably not be made until we can look back five years from now.”
Exactly. Stay tuned. Carney knows how precarious our position is, otherwise he wouldn’t say this, even in semi-private. We’d give an eye-tooth to know what he really thinks about the Vancouver housing market. – vreaa