"When exactly is that crisis going to happen?"

This is a classical logical fallacy: just because a catastrophe hasn't happened yet it's not going to happen. It is one of the main reasons why housing bubbles expand to extremely toxic levels, such as Vancouver's notorious bubble. Notice too how loaded the question is in terms of demanding the exact breaking point of the crisis, as if such things are indeed possible to predict.

As many analysts, including Nobel Prize-winning economists, have pointed out, Canada's housing bubble has been teetering on the edge of the abyss for a while now. The major element keeping it from deflating is emergency interest rates. The US will resume raising rates this Wednesday, putting pressure on long-term mortgage rates in Canada.

Let's hope that rates will continue to go up until the BoC has no option but to follow the US and raise rates here too. Either way, mortgage rates will go up and hopefully wipe our horrendous housing bubble.

Dunning fails.