There's a reason why this article is found under "Commentary" and not actual "News".  Your point on the "Forced Savings" rate being 12.5% is ridiculous, given that you assume the value of the asset will never go down.  How can this be?  

It's also hard to take this seriously when you're the "Chief Economist for Mortgage Professionals Canada".  How about given an honest appraisal of affordability these days?  You yourself state that housing has increased twice as fast as incomes for the past 15 years.