Canadians don’t like to use the word "bubble" when referring to their national housing market. But except for a brief 12 months during the heart of the global recession, it’s been on a wicked tear since the 1990s.

In Vancouver, which is the most costly metro market in Canada, the recession deflated home prices about 15 percent in 2008, then corrected for that 15 percent over the next 18 months.

In fact, if you bought a home in the Vancouver area back in 2005, you would have experienced 65 percent equity growth in that property since then.

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