Derek Hol's valid points are offset significantly by some further points.

Globalization of the urban property market & of demand for mortgage & consumer debt financing from both domestic & foreign financial institutions have a much larger effect & accumulative impact both in Canada & abroad than was the case before the 2007-9 global financial crisis & the global credit crunch in the wake of that crisis.

Canada, Australia & NZ escaped the full impact of the 2007-9 crisis etc. because of the commodity boom induced by demand from China at that time but these 3 economies may well be seriously impacted by the growing international trade barriers, soft commodity markets and political instability in many trading partners, the risk of which are currently growing.

In the sort of downturn to which Derek Hol implicitly speaks, would we & our financial institutions cope as well as after 2007? Perhaps not.