hmmm... I think some metropolitan Canadian areas are due for a correction because they have had a sustained boom. It's part of a natural cycle that has always existed. But only an American would make this kind of ridiculous assertion(the article, not you Abs!).

Some huge assumptions made:

1) The Canadian real estate market is as fraught with derivatives as the American one. To the best of my knowlege, this is not the case.

2) The level of speculative investment in real estate in Canada is the same.Who knows? Maybe in some areas. But it's not as ridiculously leveraged, because it's a lot harder to get loans here.

3) The number of "liar loans," and likelihood of default on them, is the same. To the best of my knowledge, they have never existed. Ten percent down, and you'd better believe they confirm your employment.

I think I've posted on this ad nauseum in the past, but the two real estate systens are completely different.