Economics Mortgage apps have dropped by 43% in the past three weeks, drops this substantial have not been seen since the housing crash in the 1980's of Alberta. The difference this time is the average home owner now has an additional debt load in the form of lines of credit which was not seen in the 80's. This is making this crash longer and stronger. Canadian households are said to have 3 to 6 months of savings left to cover the additional interest rate costs then the bottom falls out as more and more home owners default.