As for liar loans not being in Canada, that's incorrect, I'm living proof. In the last 5 years I have never had to verify any income for any housing related project I was working on and as long as I had construction related debt, the leverage fairy kept calling wondering if I wanted more. This misallocation of capital has inflated one sector of the economy in the hope of boosting overall GDP at the risk of creating a massive real estate bubble.
Let's not forget that in Canada we don't have "no money down mortgages", except we do. It's called the 'cash back' option. Example gratis (Scotiabank is not the only one to offer these):
http://www.scotiabank.com/cda/content/0,1608,CID13598_LIDen,00.html
Cash Back Option:
You can qualify for cash back up to 5% of your mortgage principle, up front. Consider putting it against your mortgage or to help out with moving costs. It's up to you how you use your cash back bonus.²
All these people spreading BS about there being no housing bubble in Canada are due for a rude awakening.
