Housing in Canada is experiencing a global phenomenon brought on by bank stimulus programmes. While in each country this manifests in its own peculiar, local way, it is fueled by one thing only: excess credit. This is being done by governments in order to generate growth to get ahead of the debts that the global economy incurred as a result of two things: one was the de-regulated global credit boom of the late 1990s, and the legacy debt obligations of the Western welfare states (pensions etc.). 

The easiest way to suck in money to keep the merry-go-round of the economy going is to goose the housing market. Buying a house is essentially a bet on this carrying on. Nobody knows when it will pop or how, but one day there will be an epic crisis.