What really exacerbates it is the lack of intention in the States, where they have so much surplus, because we export most of what we make. But yes, of course the lack of demand in Canada exacerbates it.
The reason we're so worried about this recession and wanting to see so much more aggressive action is that usually the way the U.S. gets itself out of a recession is an interest rate drop, which leads to an increase in housing starts. But because the problem is centred in housing, the interest rate drops are not having that kind of effect.