Did you not learn anything O'Canada?

While spending some quality holiday time with my family up in Toronto, I came across this article detailing Canadian Finance minister, Jim Flaherty's thoughts about putting measures in place to cool off the Canadian housing market without raising interest rates. The two main measures being considered are to raise the down payment past 5%, and shorten the amortization window below 35 years.

The historically low rates are fueling mortgages and home purchases, but good things don't last forever. I ask myself if the home buyers in the Canadian market today have learned anything from their consumption minded neighbors to the south. Some of the best banking practices helped keep the Canadian banks out of trouble during the financial meltdown. It'd be wise if some of that rubbed off on the consumption practices as well.