The biggest difference between the US and Canada, is the extent to which the market was juiced in the States with mortgages to those who should never have received one. There is no doubt the market its overheated in Canada and that many are over burdened with debt. However, we don't have teaser rates like they did in the states, those were all mortgages that were built to fail from day one. We don't have the sub-prime component.

I believe there will be a correction but it will be when interest rates rise and those living in houses that they can barely afford and are leveraged to the max, give up.