Canada will be different

"You don’t have a once in a lifetime bull market in property and the you expect a 5-10% correction. Historically, at least, this has never occurred."

http://www.macrobusiness.com.au/2011/12/puru-saxenas-alarm-rings-true/

The author, Puru Saxena, is referring to China.  But wages in China have risen rapidly while inflation was out of control.  In real terms, the Economist reports that the price of houses in China has risen almost 100% in a decade.  This is less than what they report for Canada:

http://www.economist.com/node/21009954

So what do we have?  Canada's housing boom is now among the longest in the developed world, but you should only expect a 10% correction:

http://www.theglobeandmail.com/report-on-business/economy/housing/canadas-housing-boom-among-longest-in-western-world/article2277801/

Now granted, China has built entire cities that sit empty.  We only have empty neighbourhoods on the Vancouver west side, ironically due to China too, and enough uncompleted condos in Toronto to house a small city:

http://www.theeconomicanalyst.com/content/investor-expectations-and-condo-boom

So it's a totally different situation entirely.  Don't worry.  Buy now, and most importantly, don't sell.