Agree: it smells the same only with added new dimensions related to globalization and financialization. It will implode at some point but that will be different than last time. I suspect with the current orthodoxy, the government will quickly step in and backstop the housing market and then print and inflate to get it growing again. The damage done to the Canadian economy in terms of savings and salaries will be epic but the government will consider it worth it to keep the housing market afloat. I have seen this game play out in many other countries.