Usually past Bank of Canada Governors keep their lips closed and sit on their criticisms when they leave office.
Not David Dodge it seems. In a speech in Calgary he wanted to have his say. Basically it boils down to the fact that housing is not in a bubble except in pockets like Vancouver and Toronto, and that is driven by off-shore money, not low interest rates and so interest rates should not be used to try and control housing.
While I agree that there is a significant effect from the HAM Tsunami on the markets, my answer to David Dodge is the graph produced by the Bank of Canada itself (below). If low interest rates are not the problem then why the huge run-up in our consumer debt, considering that only 20% of the population of Canada live in the two most bubbly cities