DYI Comment:  I've reported on Canada as they are in a massive housing mania (far greater in scope than what happened here in the U.S.) that has been propelled from the over use of debt.  If oil/gas and the other nature resource commodities that Canada exports remains low the bloom will be of the rose as single family housing declines in the magnitude of 50% and condos will be smashed down by 70%.  Those declines will be years in the making and will be inflation corrected.

Purchasing a house or condo such as in Vancouver Canada for over 10 times your income is beyond my scope of imagination.  Aspiring millionaires who went on to become an actual millionaire the majority will never purchase a house (or equivalent rent) greater than 1.5 times income.  That is 1.5 time income at the maximum.  Many will go down as low as 1 times income.  The reason is simple the house can be paid off quickly leaving monies for building up their business' and to acquire stocks, bonds, and real estate.  They are also the biggest purchasers of modestly priced USED cars or trucks. This of course leaves money available to weather economic storms and to continuously purchase stocks, bonds and real estate.  Such a simple concept why do so few follow it??

DYI