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Canada s housing market;Time for a bigger needle; The latest attempt toprick a bubble; 加拿大的住宅市场;该出手时就出手;戳破泡沫的最新举措; Canada s reputation for financial regulation isstarry. Its banks got through the crisis unscathed.According to Moody s, a ratings agency, Royal Bankof Canada sits alongside HSBC and JPMorgan Chasein the top tier of global banks. And Canadianpolicymakers are old hands at pullingmacroprudential levers of the sort now in vogue among rich-world central banks. 加拿大的金融监管一向广受赞誉。它的银行业在这场危机中做到了独善其身。根据评级机构穆迪的报告，加拿大皇家银行与汇丰银行以及摩根大通同列，跻身全球银行界的第一梯队。同时，加拿大的政策制定者也是运用宏观审慎政策的老手，这一政策如今也常被其他富国的央行使用。 But questions still nag. Some say that Canada s banks are flattered by a huge indemnityoffered by Canada Mortgage and Housing Corp , a public institution that insuresmortgages with a loan-to-value ratio of more than 80%. CHMC s book grew to 567 billionCanadian Dollar in 2011, up from 345 billion Canadian Dollar four yearsearlier. And Canada s housing market looks very frothy on some measures: The Economist sanalysis of price-to-rent ratios suggests that Canadian properties were about 75% abovetheir long-run fair value in the first quarter of 2012 . Although less than 0.5% ofCHMC s mortgages are in arrears, such exuberance is a worry. The central bank recentlylabelled housing as the most important domestic risk to financial stability in Canada. | 
