The agency’s view is that 60 per cent of the top 15 cities monitored, homes are overvalued and the potential risk has been increased from weak to moderate.
Vancouver is a particular concern. CMHC chief economist Bob Duggan says that previous “moderate evidence” of problematic conditions have been replaced by “strong evidence.”
Toronto, Calgary, Saskatoon and Regina are also in the “strong evidence” category; Edmonton, Winnipeg, Hamilton, Montreal and Quebec City are showing “moderate evidence” while Ottawa has been downgraded from moderate to weak.
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In its latest housing market assessment, the Canada Mortgage and Housing Corporation warns that there are 9 markets which are now considered at risk from rising prices.