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Bubble naysayers, then (U.S.) and now (Canada)

A housing market bubble bursting nationwide is highly unlikely. Lawrence Yun, senior forecast economist for the U.S. National Association of Realtors. (Richmond Times-Dispatch, Va., May 6, 2006.)

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There is no bubble ... Prices aren't going to fall, but they're slowing down, which is good. Matthew Gardner of Gardner Johnson, a Seattle-based land-use economics firm. (Seattle Times, Jan 1. 2006)

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Although a "bubble" in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels... Testimony of Federal Reserve chairman Alan Greenspan to a congressional committee, June 9, 2005

I wouldn't hit the panic button right now. We're monitoring the situation pretty closely. In the last couple of years we've changed some of the rules in Canada to assure ourselves that we can avoid the kind of housing bubble they had in the United States, and if necessary will make more changes to rules. Prime Minister Stephen Harper, left, on CTV's W-Five December 2009

Interest rates are very low, and that is no doubt contributing to some additional activity in the real estate market. We'll watch, and what we've done before we can do again if we need to. Jim Flaherty to reporters in Toronto Oct. 30, 2009

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