Phantom Canadian Housing Bubble?

The above video is by Jim Reid who is a real estate agent in Richmond Hill. In his view, the Canadian housing bubble is a phantom because in Canada we have basements and we tend to install the latest appliances.

Furthermore, he states that "there is a lot of nonsense out there - and even Garth Turner, our local GTA economist and real estate agents, he was saying that some of the issues are, that are causing this bubble, forty year mortgages which are minuscule segment of the market."

I actually agree with Jim. There is a LOT of misinformation out there when it comes to the Canadian housing market, especially in his video.