Given these divergent signals from the Bank of Canada and the Fed, look for the Canadian dollar to strengthen in the near term, trading decisively through 90 U.S. cents.

The odds clearly favor the Bank of Canada raising the overnight rate by a quarter point on May 24 to 4.25 percent.

It is one of the hardest things to forecast. So, get used to it.

We estimate that only Winnipeg and the Atlantic are more affordable than Calgary and Edmonton, but only because home prices in the former two are considerably cheaper than their Alberta counterparts.

In addressing the matter of a speculative housing bubble, the more important question to answer is: are these robust economic fundamentals in Vancouver strong enough to support such price gains? Based on a number of indicators, we still don't think so.

Speculation has picked up in Western Canada, while housing markets in Central Canada appear to be coming in for a soft landing.