The underwriting difference is structural, not just a matter of confidence. CMHC's guideline of roughly 39 percent of gross income on housing costs and 44 percent on total debt screens borrowers before a mortgage is even approved, which is a buffer that did not exist in the same form in the US market that triggered 2008.
Individual foreclosures still happen for individual reasons, job loss, illness, divorce, and Saskatchewan foreclosures move through Court of King's Bench as a formal court process rather than a quick lender action, which on its own slows any wave from forming even if hardship cases rise.
A tight, undersupplied market like Saskatoon's current one is a poor match for a 2008 style crash. Get your hand-reviewed valuation from Joel Dyck.