maybe right with California, but not with Canada in general

Other than oil provinces,which no brainers can foresee correction, most parts in canada have not see much change this year because they have not had super rally like the those in the US. Anyway, the average household income are 80K or so in major cities of Canada, and the price of single detached are just 3-4x of the average household income. By the way, try to get a loan in Canada, you will never get even close to those happened in US. We have to put 40% downpayment to get good rate.