[krickkrack]

>There's a particular problem with that hypothesis: >> Over the past 5 years, single-family home prices are up 150% in London-St. Thomas [Ontario], but down in Regina. They've barely budged in Edmonton. Monetary policy provides no explanation for that phenomenon.

In the short term effects other than those caused by monetary policy can be overwhelming (e.g., London-St.Thomas, has had a huge influx of people from Toronto over the last 5 years that would have driven up prices regardless of whatever the monetary policy may be). But this doesn't change the fact that the dollar has lost 95% of its purchasing power and that the average house price in the 1930s used to be 1X the average yearly salary, whereas now it's 12x.