The Maclean’s articles concerning the current real estate bubble economy are well worth reading.  

There was much merit in the wake of the 2007-9 global financial crisis and the global credit crunch that followed for Canadian financial agencies (Canada then benefiting from domestic financial and real estate market stability and strong global commodity prices) to promote consumer spending and housing markets to keep our domestic recession short and mild.  However, this stimulation, continued too long, generated a real estate bubble and the Canadian authorities delay taking the hard measures now needed to deflate that bubble.

One aspect of the mania environment is the sense of faith and well being that Canadians take from sound Government management of markets before, during and in the immediate wake of the 2007-9 crisis.  This complacency is currently misplaced and only feeds the mania.