There's a line from Tolstoy's "Anna Karenina" that says, "Happy families are all alike; every unhappy family is unhappy in its own way." I'm inclined to say that that's also broadly true of bubbles. Apart from some superficial differences that may convince participants that it's somehow different this time, bubbles seem to follow some familiar patterns. With that in mind, Canadians may want to take a closer look at their own housing market, lest it go through the same spasms that have knocked the wind out of the U.S. housing market and the broader economy.
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