Canada's Collapsing - Australia's Next

Canada is collapsing economically as well as socially - and it all stems from the root of all evil - massive speculation into property which has made house prices unaffordable for the regular Canadian and Australian. This is a massive warning for Australia who has followed the exact same policies that got Canada into this disaster. As unemployment and bankruptcies start surging, could the housing bubble finally pop and cause a housing crash which would lead to a total economic crash in both Canada and Australia?