Toronto, Canada - According to a recent report with support from CIBC, Canada's Home Capital Group was on the verge of collapse with less than 24 hours to go as investors began to rapidly withdraw their deposits from the their savings accounts. The result of the depositors fleeing Home Capital cast a run on the bank which is now causing ripples internationally as foreign buyers begin to become increasingly worried about the housing bubble in Canada.
Adding to this, it should be noted that Moody's has downgraded all six of Canada's largest banks warning the nation that consumer debt levels are extremely high and in record territory.