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Banking regulations made a huge difference in Canada and other countries too. Having a banking system that was on fairly solid ground helped to avoid the big meltdown.
You're partially right, but it's because regulations were in place to ensure that anyone who bought a house and needed a mortgage only got one if they put in a significant downpayment, had a job, and could afford to make the monthly payments. Buying a house in America became a ponzi scheme beginning with Clinton and through much of the Bush years - buying a house in Canada is and always was setting down roots in your community and raising a family.