``The Canadian housing bubble is massive because when US real estate values were correcting and the market was being flushed, prices in Canada simply kept on climbing higher oblivious to what was going on in the south.  The excuse was "hey, we didn't have NINJA loans so we are good!" but this is nonsense.  As we noted, out of the over 7 million US foreclosures most happened on plain vanilla 30-year fixed rate mortgages.  The wild loans were simply the tip of the iceberg... The end result is that you have a nation with massively indebted people. The entire pyramid is built on ever growing housing values. And values are so out of sync that even a minor correction is set to topple this weak foundation. Are prices falling? Oh yes they are...''

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