Be very afraid of the Canadian housing bubble

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.

I'm frightened myself. A lot of smart people are. But I should make it very clear I've no desire to be the Nouriel Roubini of the Canadian housing market.

Roubini, for those who didn't notice, rose from B-team academic to A-list fame and fortune by predicting the U.S. housing and market collapse of 2008.

Before the crash, he was just one more Chicken Little – that children's story character, who, after being whacked by a falling acorn runs about shrieking, "The sky is falling, we must run and tell the King." Read More