"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
The CMHC survey report confirms, Montreal buyers had less need to spend beyond their budget than the Vancouver and Toronto cohort.
CMHC acknowledges via a closing reference to Robert Shiller's observation that "narrative economics"...
...sound prescient to describe what could be some influence happening in the local imaginary of homebuyers. The human brain has a natural draw toward stories whether they are factual or not... stories are powerful instruments to share information and reproduce narratives with economic impact.
The echo chamber stories we bolster our decisions with are well known, oft repeated and have created FOMO (fear of missing out) via the memes of "foreign buyer competition, money laundering, growing immigration, dearth of available land, prices always rise, prices won't drop much now, let renters pay the mortgage, rents are rising, housing is always in demand, government needs low interest rates, government provides financing subsidies, government will protect the construction employment boom" etal.
Executive Summary from CMHC June 2018
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense