Bank of Montreal’s chief economist is poking the bear in the eye.

Douglas Porter looked back over the past several years at comments that predicted the demise of Canada’s housing market, as far back as 2008. All warned that the party was, or would soon be, over.

One comment, a few years ago, warned that prices would collapse by 25 per cent. Another, said there had been a crash in 2013.

And still one other, just this year, warned that the Toronto and Vancouver markets would cool, which is certainly a possibility at some point.

Many of Canada’s housing markets are deemed to be balanced, while Alberta has slumped and, according to some observers, Vancouver and Toronto are looking frothy.

Just yesterday, the Canadian Real Estate Association said it expected Ontario and British Columbia to remain strong this year, with prices up 8.2 per cent in the former and 10 per cent in the latter.

Mr. Porter titled his research note “Canada’s non-Goldilocks housing market and the 33 bears,” using the phrase oft associated with perfect conditions.

He noted that average home prices in Canada climbed to a record $500,000 in February, or about 60 per cent above the levels of 2008, just about when market bears began “howling.”

“Hey, forecasting is hard,” said Mr. Porter, who should know.

“But let’s not give a pass to some of these scaremongers who have been dead wrong (e.g. 25-per-cent decline? Try 35-per-cent rise).

The bears may at some point get it right, he said, particularly where Canada’s scorching hot markets are concerned.

“But getting the timing down is half the challenge.”