Not willing to learn a lesson from their neighbor down south, Canadians are apparently sitting pretty in their own housing bubble, which — at least according to Doctor Housing Bubble — is ripe for the poppin’.

Not only is the bubble raging, it has far surpassed what the US housing bubble reached at its pinnacle. Those in the housing bubble of course are intoxicated by the elixir of easy money. 

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Taking a look at the Canadian housing market, you realize that not only is a nationwide bubble in full force but some cities like Vancouver and Toronto are extraordinarily overpriced.

The post is long and detailed. Here’s my favorite graphic:

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Up and up it goes. Where it stops… well, we know the answer, don’t we?

One of the issues there is foreign buying, especially from Asia. It’s pushing prices up to crazy levels. As the Financial Post puts it, “What is going on here is a deluge of hot money from abroad that is creating an artificial and potentially dangerous real estate bubble.”

Another fun thing going up up there is buying and selling the right to buy a property at a certain price — kind of like stock options.

For instance, Mr. X from Asia pays $15,000 for the right to buy a $300,000 condo, then, when the price of similar units rise to $400,000, he can assign the right, get his deposit back and make the $100,000 difference.

I wouldn’t call it a fun read, but it’s certainly interesting. If things go pop over there, no one can say they weren’t warned.