Canada's Housing Bubble

No other Canadian economic indicator has rebounded as sharply as sales of existing homes over the last few months. After plummeting by nearly a third in the second half of last year, the seasonally-adjusted level of sales had climbed back by 61 per cent as of August. Not even the 50 per cent S&P/TSX rally since March can match such a robust recovery. The fact is that existing home sales have more than recovered; they now exceed pre-recession levels and match the lofty sales volumes of 2007. All of this occurred in the midst of a recession gauged to be severe by most any other standard.

http://www.td.com/economics/special/pg1009_rhousing.pdf