i am very interested to know about this "munchkin" sector of the economy...  i believe the issue is domestic... Canadians saw an opportunity to make money in flipping houses, realtors got on board with hold back offers and listing at ridiculously low prices.   And the games began.  Unitl now... the market is cooling, people who bought in May are not happy because they will have to sell their first homes in June or July.   Sellers are going to have to do some serious expectation adjustments as the market balances.   It is always interesting to me that when canadians are making huge returns on their housing investment they are strangly quiet - whispering at parties about their good forture but now when the market has changed... they are all weeping and suggesting that they were dupped.....Come on....