In its latest health check RBC says that in the near term there are downside risks for the housing market in Alberta and other oil-producing regions and rising unemployment is also a concern.
High prices in Vancouver and Toronto and government policy are also highlighted as posing risk but RBC does not expect interest rates to be increased.
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Despite concern that overbuilding of condos could pose a risk to the housing market, especially in Calgary; the Royal Bank of Canada says that the probability of a nationwide downturn in the housing market is low.