Canadian Real Estate Bubble

A correspondent writes in,

1. In Vancouver, offered by a credit union (so evading the lending restrictions put on banks), for first time buyers, 95% LTV loans – the bank put up half the down payment and give you $1500 back toward closing costs.
2. Seems like what we used to call layered risk in the US.   Subprime, stated income, 2nds allowed up to 90% LTV.  Focus on the “story” behind the numbers.  Targeting, among others, “professional landlords” who exceed “concentration limits” ie, number of properties owned – and they can be stated income.  Hmmm. 
3. Raising the LTV limit on 2nds to 90%.  The fee that you pay instead of CMHC premium is rolled into the loan amount, naturally.