Defendants claim BMO is at fault for running a loose ship and not properly monitoring their transactions during the boom times. http://www.calgaryherald.com/business/Defendants+massive+mortgage+lawsuit+blame+letting+fraud+happen/4526389/story.html

Here's an article from Business Insider with research from the Economist. It goes through the 12 most overpriced housing markets in the world. Based on their parameters (rental vs prices) Canada doesn't rank! http://www.businessinsider.com/the-12-most-overpriced-housing-markets-in-the-world-2011-3#12-denmark-1

Article from the Globe & Mail indicating national average home prices have been increasing which has raised caution flags that a bubble may be looming. I personally haven't seen prices go up on a case-by-case basis, but I have seen competing offers and sale prices close or above list prices. http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/home-prices-nearing-bubble-territory-but-cool-off-expected/article1929806/