Can anyone comment on Don Coxe’s contention that Canada may have its very own and serious housing bubble? And if that bubble bursts, what do you think the effect might be on Canadian banks and the loonie?

Since Canadian mortgages weren't sliced, diced, securitized and sold like we so brilliantly did down here, I assume the overall impact will be far less, but I'm curious to hear what Canadians think of this issue.