Dr. Julien Mercille:

It was discussed. When I say the media had very little coverage of the bubble, it is not that they were unaware of the rise in prices. There were terms such as "affordability is not very good right now" or indications that people are finding it harder to buy houses, or there is a boom. If one is to be serious about an analysis, one must say there is a bubble, which is a dangerous thing. One must go beyond just saying it is hard to buy a house these days. That is not real analysis and is rather superficial. Much of the media discussed the other aspects. In other words, there is no way one could really know there was a bubble by reading the media.