It's different this time

Step one towards recovery is admitting there is a problem. That's not done by saying "yes, there is a problem but it's not a problem".

"DBRS said in the report that Canada continues will fare well in comparison to its neighbour to the south when the housing market corrects itself and interest rates rise. That's because lending practices here are much more sound than in the U.S."

- FinancialPost

I can't profess to know if the bubble is as bad as in the US - the fact that there is a housing bubble at all means that government economists worldwide learned exactly NOTHING from the financial crisis. Should be fun stuff if this blows on the next worldwide leg down. The canadian authorities should probably go play a round of "Crack Shack or Mansion" before discussing the canadian housing bubble again....