If you're a home-owner, it's grimly amusing. We feared a severe correction, and so government stuck in its oar with a bundle of measures that are creating a severe correction. And in its belated enthusiasm, government is not finished yet: the OSFI now wants to put mortgage stress tests in place, and there are at least two more rate-hikes in the works for this year.  

What we have is springtime 1989 all over again, with an unnecessary assist from government, which came along too late with too much. Why didn't government just let the market do its job and create its own correction?  It would almost certainly have been a softer landing. Just watch the Canadian economy if the housing market tanks -- it is one of the few pillars supporting it now.  Recession is just around the corner. I pity those who bought in April.  In fact, I fear for us all.  Government, please: hands off.