Canadians did not see that the housing bubble was over in 2Q 2010. The last 3+ years have been a gift to real estate sellers at the expense of retail sellers of stuff. As aggregate demand for stuff declines, so will labour force participation as jobs evaporate.
Here's a wild hypothesis: with the announcement today of closing Pixar Canada after 3+ years in Vancouver, some +/- 100 employees are probably thinking of selling just as many condos that were bought during this same mirage market time period. If incomes fall there is an upper limit to the Household Percent Debt to Income ratio. The dynamics are to get another job to continue making payments; sell or default.