The Globe and Mail reports in its Friday edition that Canada's insane upward spiral in home prices has been arrested. A Globe editorial says prices peaked in early 2017. Multiple factors explain the slowdown, but it is related to the implementation of foreign ownership taxes in British Columbia and Ontario, the tightening of mortgage eligibility and other changes to home-ownership rules by Canada Mortgage and Housing Corp., and rising mortgage rates. With so much of Canadians' wealth at risk, The Globe says this is a policy success. Bank of Canada Governor Stephen Poloz indicated on Thursday that, while house prices and personal-debt levels appear to have stabilized, he continues to believe overall indebtedness remains at worrying levels. The debt-to-income ratio of the average Canadian homeowner sat at just under 170 per cent at the end of 2017, and while it is likely already trending downward as the cost of borrowing increases, it is still high. Plus, while it might not be quite as expensive to lodge oneself as it was last year, housing costs remain prohibitively high in large Canadian cities. Governments now need to address the housing supply issue with as much resolve as they did the price issue.