When the U.S. housing market crashed in 2008, many Americans simply abandoned their homes and their mortgage debt. Can that happen in Canada?

Essentially, the only way for Canadians to walk away from mortgage debt is to file for bankruptcy or a proposal with a Licensed Insolvency Trustee.

In the past, this has been used in discussions to say Canada will not have a housing market crash as the U.S. did in 2008, as Canadians can't hand in the keys and walk away.

If Canadian home owners default on mortgage payments, their home would go into power of sale. The shortfall debt would unsecured, but still owed. This is a very important distinction to understand in the Canadian Housing Market.

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