Bill Morneau, the polite economic arsonist
National Post: 'If Canada is currently a house on fire, then former finance minister Bill Morneau is one of the arsonists who lit the spark. Perhaps this was accidental — the economic equivalent of a cigarette butt flicked thoughtlessly in the direction of millennials. Or maybe it was meant to be a controlled burn, with an insurance payout for generations who more reliably turn out to the polls....
'...Housing affordability was already an issue when Morneau took office, but his policies exacerbated the problem while making it easier for millennials to take on more debt.
'He implemented misguided demand-side measures, which economists at the time warned would raise prices and reverse any benefits of increased supply. These included upping the amount first-time home buyers could borrow from their RRSPs and allowing the Canadian Housing and Mortgage Corporation to become part-owners in FTHB’s homes. He studied the impact of foreign investment on Canada’s real estate market, but chose to do nothing about it.'