The Canadians seem to be on the same boat. Rising house prices...

The Canadians seem to be on the same boat. Rising house prices make owners and investor feel rich... they then dip into their home equity to help pay off credit cards, renovate or purchase more properties.

Very similar to the few people I know over here, where we also do one better and dip into the superannuation fund for property too.

From memory, Toronto's detached property just dropped 15% in June. Down from about $1.1M to the high $900ks.