Neil Macdonald is a highly respected CBC journalist and the current Washington correspondent but he goes off about Canadian housing in a rare commentary.

I watched America’s nightmare unfold, and it appears pretty evident to me that a sequel of some sort is coming to Canada.

He hits all the right notes.

Friends and colleagues who own homes in Canada are the very pictures of smug.

He also speaks to Robert Shiller (of Case-Shiller housing price index fame)

“I worry,” he Shiller said, “that what is happening in Canada is kind of a slow-motion version of what happened in the U.S.”

I’m a CAD bull but housing is the major risk to CAD. Bubbles can go on for years, so there is no point in fighting it now, but the day will come to short CAD hard.