We know that the 2008 financial crisis was caused by a housing crisis. In fact, many things we are experiencing now in Canada bear some similarities to what happened before 2008 crisis in the US. Among some of them, the ultra-low interest rates(hint: research the policy interest rates at the Bank of Canada for the past 10 years),the high debt-to-income ratio(hint: research Statistics Canada's monthly announcement on Canada's household debt-to-income ratio, it was at 172% in first quarter 2021, among the highest in the world), increasing securitization of mortgage loans(research the role of Canada Mortgage and Housing Corporation or CMHC and its role in Canadian mortgage securitization),dramatic housing price increase in many parts of the country(research for instance, the Toronto Real Estate Board or TREB on its release of housing statistics in the GTA for the past few years), consistent and growing budget and trade deficits in the past decade for Canada, and many others. The COVID-19 is also significantly compounding those risks by higher unemployment and even higher debts for Canadians.

EXPLAIN whether a financial crisis could be possible in the future for Canada, and if so, what should we be doing now to prevent it from happening?