Canadian housing bubble goes into full mania mode

Hope you all are taking steps to protect yourselves up there.

Canadian debt-to-personal income ratio near 145% while US at peak of the housing bubble was at 125%.

http://www.doctorhousingbubble.com/canadian-housing-bubble-full-mania-canada-household-debt-surpasses-us-household-debt-canada-real-estate/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+DrHousingBubble-HowILearnedToLoveSocal+%28Dr.+Housing+Bubble+-+How+I+learned+to+Love+SoCal%29

Is this the top? The longer this mania goes the more painful the unwinding will be. Similar to the US housing bubble that coincided with very good employment figures, Canada is relying very heavily on real estate as a part of their economic growth:

The share of construction jobs in relation to overall employment is nearly twice as high as it is in the US. This massive growth coincided hand and hand with the housing bubble. It becomes a chicken and egg type argument. Is the economy healthy because of real estate or is real estate healthy because of the economy? A similar scenario unfolded in the US. Yes, Canada is not the US but given the household debt figures and the mania in real estate, when the contraction comes you wonder if people will take solace in their neighbors down south who are in year five of the great unwinding. We do have some experience in regards to flushing out trillions of dollars in real estate wealth. From some of the comments many have drank the real estate Kool-Aid and the only thing that will change that is when the punch bowl is taken away.