In my opinion they are not. We had Merrill Lynch Canada say today that we are going to have the same US style meltdown in Canada. I have been helping clients in Canada with mortgages for 16 years. I do not see from my client database or the lenders a major meltdown on the horizon. Canada was never as loose on lending as the US. The Canadian banks and regulators have done a good job in making sure that the high ltv mortgages were for the majority properly documented.
We are in a good position to weather the storm that the US financial markets have created.