In the cold light of day, it is becoming apparent that Canada's dynamism and the impressive resilience of its financial institutions since 2008 is coming to an end. The overly generous assistance to Canadian banks by the Canadian Mortgage and Housing Corporation (CMHC) during the global financial crisis enabled the banks to remain far more profitable than their U.S. or European counterparts. However, now that Canada’s housing boom is fading, the government is exposed to huge capital losses.

Read this full special report on the coming Canadian crash written by Peter Warburton, at LIGNET.com.