This article by James MacGee, associate research analyst at the Reserve Bank of Cleveland and associate professor at UWO, examines the similarities and differences between the US and Canadian housing markets to answer this question. The article is posted here.

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It seems that we can never get the formula quite right.  The surging sales volumes and price gains being experienced in markets across the country has some observers worried that we’re setting ourselves up for another major correction.  The story is here.

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