That was over lunch with a Canadian economist. Immediately upon learning he was Canadian, I asked "so...is Canadian housing a bubble?" He laughed, smiled, nodded and said "of course." He felt Carney was aware of this, had said words to the effect that it was happening, and warned people to cool it in housing, but no one wanted to listen. He felt people are entirely delusional about housing right now and responded to talk that it was a bubble with hostility while shrugging it off. (very much in tune with Shiller's definition of a bubble from my write-up) He wasn't quite sure what the catalyst would be that makes it go pop, but believed downward pressure on commodity prices could have ripples through the Canadian economy that finally does in housing.