Below is a good video explaining the potential for a housing crash in Canada. The host states that Canada is in a hyper-bubble. If you watch the video and look over some Canadian housing prices indexes, you can see large increases in values over the past several years. You be judge if there will a crash some time soon.
One thing that is certain is that these crashes are terribly difficult to predict. If you study some of the people that predicted the U.S. housing crash, you will find that they tended to be very early on their call. However, ultimately they were right.
Is there a way to bet against the Canadian housing market? One way is through shorting Canadian bank stocks. You should research all the risks before doing so. You can lose a lot of money if your prediction is wrong or unwisely timed. We are in no way endorsing you to short any stocks. Trade at your own risk.