New Housing Bubbles Arising?

There are increasing concerns that a housing bubble is being created in Canada, though government officials denies that any problems exists. As I haven't done much reasearch on the issue, I don't know enough about the Canadian housing market to say whether or not there is a bubble (A sharp increase in the current account deficit and high money supply growth does however suggest the Canadian economy is on an unsound path), but the mere fact that government officials deny it isn't really a convincing argument against it, given the denials by Bush administration and Fed officials in 2004-06 that any problems existed in the U.S. housing market.

Canada isn't the only country where housing bubbles may be on the rise of course. Sweden and Australia and probably many other countries also have housing markets that are becoming more bubble-like.