Bad news... we've heard of the American housing bubble, the Spanish housing bubble, the Icelandic housing bubble, the Irish housing bubble and the British housing bubble since the last 2 years.  Won't take 2 years before we hear about the Canadian housing bubble.  Interests rates slightly up and we will see a lot of people in deep trouble.  First dip of the recession is over, but the second dip is about to get started (and not just here)