As a canadian, my strategy regarding this will be to wait till the word is out in the media (full on bubble burst, people ranting against home ownership in MSM time) and buy stuff that has overcorrected: banks, some (commercial/industrial) REITs and also, obviously, real estate (mostly appt buildings though). And then pounce.
So prepare a war chest that is easily accessible (i.e. not in RRSPs/401k), and wait it out.
Looking forward to other people's opinions.