But, there is some troubling indicators from Canada. First and foremost, their real estate market hasn't crashed like many other places. But that isn't to say they don't have over-valuation issues.
Mish wrote some good articles linked below, but this link from friend Paul Lomba is by far the most entertaining AND educational site. I highly recommend you play the game:
Crack House or Mansion? (Vancouver Canada real estate)
California USA vs. Ontario Canada - Which State (Province) Is In Worse Shape? Canadian Banks vs. US Banks Comparison