Canada's housing bubble is now a 'tale of 2 cities'

"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness..."
That's part of the opening line of Charles Dickens' oft-quoted but rarely read novel "A Tale of Two Cities."
In a recent note to clients, Capital Economics' Canada team suggested that the book's title actually serves to explain what's going on in the Canadian housing market bubble right now.
And although it's not a perfect metaphor, it still an interesting way to contextualize things