The U.S. financial sector has been rocked by subprime mortgages, which essentially provided a way into real estate for people who wouldn't qualify for conventional mortgages. But Turner told CTV.ca the real story is that housing prices in the U.S. got more expensive than Americans could afford.
In Canada, real estate prices have essentially doubled in five years. Turner said he didn't think that was a "reasonable" increase.
Over that period, household incomes have stayed essentially flat, he added.
