Everyone take a deep breath. There is alot of debt under Toronto and Vancouver real estate. No telling Vancouver not just in midst of dead cat bounce in subprime government-induced first-down loans. Those loans will make the market at a very high risk of a sharp correction, as people will walk away if they have no skin in the game versus going under hundreds of thousands of dollars.

You can feel it. We are on the edge of the correction. Australia, NZ, too. We just don't know how bad it will be, yet.