Canadian Housing Market Bullishness At Near-Decade Highs -- Melt-Up or Wile-e-Coyote Moment?

The bullishness comes even as a run on deposits at Toronto-based mortgage lender Home Capital Group Inc. leads to heightened scrutiny of a market which policy makers have said is divorced from economic fundamentals. The broad Bloomberg Nanos Canadian Confidence Index fell to 59 in the week ended March 5.

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"Consumer sentiment on real estate has gone from hot to hotter," said Nanos Research Group Chairman Nik Nanos... [The new foreign buyer's taxes] haven't led to more bets on a price decline either, and housing optimists now outnumber pessimists by a factor of five to one.

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Housing was the only upbeat note in the latest survey, with declines in three other major categories of job security, personal finances and the overall economy. The 22.4 percent who saw a stronger economy in six months was the lowest since January.