I think the housing market question isn't one of 'if' but 'when' at this point. Canadian housing has become so obscenely skewed that none of it makes any sense anymore.

Canada has turned her back on 'traditional industries' like resource extraction and manufacturing in exchange for housing now making up a massive portion of our economy, to the extent that housing has never made up a portion of the Canadian economy that it does right now by a LARGE margin.