[kingkongrevenge]

> Household balance sheets are nowhere near as bad here in Canada as they are in the US. This is common knowledge

Simply untrue. The debt to income ratios are about the same, but US households on average still have more assets and cash.

[run4yourlives]

Again, a citation is required. Canadian economists regularly state that the D/I ratio is much better in Canada than in the US. (Although it is a cause for concern nonetheless)

Also, given the dramatic drop in US housing values and only a leveling off of Canadian prices, I question your second point as well, at least looking forward.