The real estate industry, the banks and federal finance minister Jim Flaherty all say there is no housing bubble in Canada. Don Pittis, however, argues that we should gird ourselves for the fallout when the bubble pops, because the consequences would be extraordinary.

As the big banks get choosier about who they'll lend money to in this hot housing market, people with questionable credit are benefiting from Canada's once-small but now booming subprime mortgage industry.