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Editor's Note: Below is a chart and brief excerpt from today's Morning Newsletter written by Hedgeye Director of Research Daryl Jones. Click here to become a subscriber. 

For those that follow global residential real estate markets, you probably didn’t have to get up that early to recognize that Canada’s housing market is solidly in bubble territory.   My colleague Josh Steiner pulled together a 130+ page deck last week that went through his short call on the major Canadian banks.  A key component of his thesis was based on the housing market and indebtedness of the consumer, specifically...

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CHART OF THE DAY: The Canadian Housing Bubble - COD