Largely because of Canada's more conservative mortgage culture – with fairly prudent lending standards, and with most mortgage lending to be found on commercial banks' balance sheets or financed by sound securitized vehicles – the housing market in this country has not demonstrated the same excesses seen in the United States.
The strength of the Canadian housing market over the past decade can be seen in home sales and housing starts, which have increased by about 55 per cent. Real prices for existing houses increased by 52 per cent over this period, while real prices for new houses increased by about 27 per cent. Of course, these averages mask regional variations.