Casey Mulligan notes that "US houses during the boom did not look so expensive from a European perspective", although he's not sure to what extent it matters. I suspect that it matters a lot to many Canadians. Here's a graph of the Case-Shiller Phoenix house price index in USD and in CAD, along with the Teranet C-6 index:
Graphs for Miami and Tampa look the same.
Since 2002, Canadian housing prices have almost doubled, and US sunbelt prices have fallen by 20%-40% in CAD terms. I wonder how many Canadians are selling their homes and buying US retirement properties these days.