Canadian Realstate is different

I have bought and sold houses in Canada twice and been following the realestate market.

It wont drop as hard. In the past it is so easy to get loan in the states. They take as little as 3% down.Now the banks learnt their lesson in a hard way. The banks are always strict in Canada. The conditions I've been through are as followed:

1. If you havent worked for the same company for over a year you need to downpay 25%

2. You can only loan three times of your salary

3. If you are self employed you are required to downpay 35-40%

4. The mortgage rate in Canada is always lower than the states.

Lastly, Canadians are very conservative in terms of spending money. Americans like to spend money in advance. They never save. It is not the same in Canada.

So I dont think the house market will crash in Canada. The people who bought the houses are being scrutized by the bank carefully in the first place also the people who determined to buy a house have thought things through and know for a fact they can afford it.