Canadian household debt continues to trend higher (chart left).
As can be seen from the chart above in the upper panel on stock and commodity markets, not all stock markets are back to their pre-blowout highs of 2007-08, most are not. Nor are the commodity markets back to their 2011 highs. Unless they breakout, as a minority of stock markets have, then the trend for commodity prices is still down. The combination of falling commodity prices and rising debt levels is not a successful investment model.
Real estate prices will follow commodity prices as new houses come on stream at prices below existing built houses. As credit risk gets re-examined, replacement value, comparative value and income value will all point to a return to fundamentals.