Sober Look does a good job of spelling out 6 troubling economic issues for Canada. One of them is as follows:
As discussed before (see post), Canada's housing market may be facing some headwinds going forward. Valuations have materially outpaced those in the US. There is a great deal of debate on this topic, but it's quite clear that Canadians have been pumping significant capital (materially higher than 6% of GDP) into residential housing over the recent years - even as the US housing expenditures collapsed.
Read the whole article (opens in a new tab so you may easily comment here): Sober Look: Why Canadas economy is in trouble.
For a more optimistic view, see this by Jay Bryan, The Montreal Gazette: "Canadian housing market finds its feet."