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by Cheng Hoon Lim,  Assistant Director in the Western Hemisphere Department of the IMF. She reviews the department’s financial surveillance work and serves as the mission chief for Canada. Ms. Lim also has extensive experience in financial and capital markets. After a short secondment at the U.K. Financial Services Authority, she spent 13 years in the Monetary and Capital Markets Department of the IMF where she was involved in a wide range of issues, including on financial crisis and sovereign debt restructuring, the development of analytical tools to assess systemic risk and bank soundness, macro-financial surveillance of advanced and emerging economies, and the delivery of technical assistance to the Asia and Pacific region. She also led the IMF’s financial sector assessment program (FSAP) to South Africa, Australia and Indonesia.   Canada’s housing market is sizzling hot and the Bank of Canada has a monetary policy dilemma: increase interest rates to cool the hou...