Canadian housing boom in '9th inning'

Last week, Statistics Canada reported that building permits in the residential sector fell 12.9 per cent in June, and permits for multi-unit dwellings -- mostly condos -- sank even further by 18.8 per cent.

Even more frightening, research conducted by RealNet Canada found that in some of the bigger markets -- Toronto, Vancouver and Calgary -- residential land investments for future home building has already crashed through the floor, plunging 51, 52 and 30 per cent respectively.