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Peter Schiff nails down the basis of the boom in the US Housing Market - it was a phony boom.

Structurally, is there that much difference between Canada and the United States now, aside from timing?

Can Canadian prices withstand an onslaught of foreclosures and other negative activity like some kind of economic Switzerland removed from the turmoil of world economics?

Sub-prime CDOs gave lenders the belief they could lend money, that they now have no hope of recovering - this has damaged balance sheets around the world - including over a billion dollars announced here in Canada in the last month or so.

Can this really have no effect? Really?

I see CMHC is calling for another $20 grand to be tacked onto the average MLS price here in Victoria in 2008. Really?

Mark my words, I've said it before, this is the top in Victoria - next year the fall comes early.