Is there a bubble on Canadian real Estate?

Every time I hear mainstream economists warn about the imminent  "catastrophic consequences" of a sudden interest rate hike, I cannot help but wonder if they are trying to postpone an inevitable market readjustment. Now, I do not know much about the state of the Canadian real estate market, but I do know that no central banker is fit to determine the market rate of interest better than Mr Market himself! Given the fact that Central bankers tend to pad each others on the back, it is very well possible that the Canadian real estate market has been modeled on the same benchmarks as its US counterpart. Is there a possibility of a real estate crash in Canada or have Canadians behaved much more responsible than Americans? I am hoping for the later because I am still perceiving Canada as one of the soundest economy out there. And, even if the housing sector crashes, which is what should occur for prices to readjust within their natural rates, let's prey that the Canadians regulators will not come in and try to support the sector in order to protect a few too big to fail.