I actually think the Canadian RE bubble will totally burst and crash with recent events. I think the fun is over.I've been reading that the condo scene in the big cities is going to be extra bad with this downturn because:
Commercial lending has completely frozen up, and all banks and institutions are re-evaluating their lending. I don't think anyone is going to continue lending to real estate related corporations (which includes corps with RE portfolios, malls, office space, but also builders and RE services)
And I think anyone who has a RE related business, including small guys who leveraged to buy several properties, are about to be ruined.