Definitely we responded that one of the major contributing factors is lack of supply.
I would also like to add that the trading system of how Canadians buy and sell properties is completely contributing to inflationary prices. Last year, on the multiple listings services, which are run by, in essence, private clubs, provincially and/or locally, they are against.... The Prime Minister came out with a good point and said that he wanted to—and it may be extreme—criminalize blind bidding with multiple offers. Trading is legislated provincially, but just in Toronto this last week there was one property that had 65 offers. Over 70% of all properties are selling over asking price. You would not offer over asking price unless there were two or more bids on that particular property.
The industry and the multiple listings systems, and in fact the provincial associations, are against open bidding for multiple offers, which is in the consumer's best interest. Why should someone pay $50,000 or $100,000 more than the second-best offer on a property? It makes no sense.
Whether the industry is made into a Crown corporation or MLS is run by the regulator provincially.... The system is totally broken. It's contributing to inflationary price bidding on individual resale properties, which represent about 70% to 80% of all Canadian-owned residential properties that are sold annually.