Meanwhile....the party continues

For how long will this party continue here?
The party officially ended in the US a while ago and shows no sign of any revitalization.
This is a hard question. Will we follow the typical cycle that has been seen in the past- around a year's lag relative to the US?
Or is Canada really different? Or is it really different this time?
Can we really be immune to a slow down in the US? A slow down in China? A global recession?
For how long will oil prices remain high if there is indeed a global slow down?
The confidence of the masses is indeed very inspiring, but hopefully it is unlike that of the Chinese middle class who have been 'mortgaging' their homes to pawn shops to play the stock market.
But I personally know of several people in Edmonton and rural Alberta who have borrowed against the gains in their primary residence to invest in more real estate around the province.
Let's wait and watch to see how this will unfold.