Housing crash in Canada could cost mortgage lenders almost $12 billion, Moody’s warns
The Moody’s report says rising levels of Canadian household debt relative to income, along with rapidly increasing house prices, have created conditions similar to those in the United States prior to the financial crisis of 2008.
.. suggested Canada-wide house price declines would be on the order of 25 per cent, while the red-hot markets in British Columbia and Ontario would experience steeper declines of 35 per cent.