In September 2004, the IMF wrote a report about the world economic outlook. In chapter 2 they took a look at the global house price boom. It is 66 pages, here a some key pieces:
Here is an article by Robert Shiller in 2003
This housing bubble in 1990 affected many of the same countries as the recent bubble but there were more cities in each country this time. ( In Canada, Toronto and a few other cities had housing bubbles in 1990 but the contagion did not affect every city in Canada as it has at this moment.)
The Asia Crisis of 1997 and the Real Estate Bust of the Emerging Countries
1997 saw the Asian Financial Crisis wipe out real estate values across part of Asia. Hong Kong and the Philippines more than 50% drops. Ouch!
The global housing boom was an illusion of wealth built on a mountain of debt. Now, countries like the United States and most of Europe are experiencing the unravelling of the wealth. But the debt remains. This is the synchronization of global housing markets working in reverse of the boom. Canada is not different and we will join the rest very soon.