I think with the price drop of gas, its going to accelerate things. We might be starting one right now. Lots of people in alberta have lost jobs. Their families are now struggling, they don't spend as much, less money flows into pockets of others in that province, starts a bad spiral. i've heard 80000+ jobs lost. Thats a HUGE hit.
Some people moved out there specifically for jobs, so they'll be leaving alberta, coming back to provinces with no jobs guaranteed. Some houses will get forclosed, some bills not paid. This could drop the housing market down from just the job loss. Banks still seem to be finding ways to risk too much money and too little down on houses, while not looking at credit card costs/payments and such.
i think we're hitting another housing bubble again despite the issues that brought us here in the first place