Last week, a Swiss bank's annual ranking put Toronto No. 1 and Vancouver No. 6 on its list of the world's top housing bubbles. And although both cities have seen home prices decline this year, it's nowhere near close to matching their recent gains. So ... is this really a bubble, or will we not know until, oops, it pops?

What does a popped housing bubble actually look like in cities with limited supply? What would it do to homeowners who have their life savings in their property? And what would it mean to those who currently feel like they will never be able to own a home in these cities?

GUEST: Ari Altstedter, Reporter at Bloomberg News

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