The Canadian housing market crisis is not dark yet. But it's getting there.

When discussing Canada’s housing market, longtime observers often hearken back to the dreary, hopeless feeling that accompanied the market throughout the 1990s. During that decade's recession, Canadians faced high unemployment and interest rates that nearly doubled, leading to a decade-long plateau in housing prices. The current softening of the market across the country is prompting industry professionals who have been through several cycles to ask if the current situation is as bad as the 1990s.