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.
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'