A private MBS market in Canada would need to be transparent to give investors more confidence about the quality of mortgages they are investing in. This would allow investors to accept a lower yield, reducing the price difference with regular CMBs. One way to ensure transparency is to develop a public database of mortgages used in securitization.
As I have explained so far, improvements have been seen in a number of indicators since the introduction of QQE; thus, I can hardly believe the claim that Japan's economy would have improved even without QQE.