Why Hasn’t Canada’s Housing Market Blown Up?

" The subprime market grew to around 22% of the U.S. mortgage market by 2006, but in Canada, it never accounted for more than 5% of mortgage originations. Securitization, or the practice of bundling loans and selling mortgage-backed debt to investors, was also much more common in the U.S. About six in ten loans were securitized in the U.S. in 2007, compared to one-quarter in Canada."