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The housing bears have been largely in hibernation since second quarter residential sales numbers from the Canadian Real Estate Association rebounded sharply after five straight quarters of decline. But a report from Richmond Hill corporate bond manager Canso Investment Counsel has stirred the discussion back up. While most of Canso’s report contains things we already know, as well as a healthy dose of fiery rhetoric, one point demands attention due to its similarity to analysis of the U.S. crisis: inflated mortgage appraisals artificially drive up prices, a dynamic that becomes dangerously unsustainable.