Canadians have one of the biggest personal debt levels in the world at 1.64
the banks have been downgraded because they have been lending out free money at unsustainable level. Home prices here in Canada are way too high compared to the USA.
No housing bubble in Canada. The guys with the worst debt to income numbers in Canada are mostly the well off ones. Many billionaires also have billions in debt. Debt to net worth is really all that matters.
The max mortgage length in Canada is 25 years. You can not walk away from mortgages in Canada as you are allowed to in the USA. Most canadian mortgages have down payments and now all mortgages on a second property (to limit speculation) must have a minimum payment (25 percent I believe).