I want you to be afraid. Very afraid of the Canadian housing market.
I want people who are considering buying a house in Canada to be the most frightened. People who just bought a house also have every right to be nervous. But even if you don't have a stake in the property market, I would like you, too, to be fearful of a bubble in Canadian property.
Right now in Canada we are at the Chicken Little stage. The real estate industry and the banks say there is no bubble. Our finance minister, Jim Flaherty, has warned repeatedly about high debt levels, but even he is on the record saying there's no bubble.
I don't want you to listen to them. I want you to listen to the Economist, Canadian Business, the Wall Street Journal ó each of which have sounded scary warnings. Macleans magazine went a step farther with a screaming headline saying it was "Time to Panic."