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Home prices in most major housing markets in the country are overvalued, with Toronto and some Western cities facing a high risk of a correction, Canada’s federal housing agency warned.
In a new quarterly forecast on the housing market, Canada Mortgage and Housing Corp. said it saw scant evidence of serious problems in the Canadian housing market over all, but warned that home prices are now outstripping economic fundamentals in 11 out of 15 major markets and that four cities – Toronto, Winnipeg, Regina and now Saskatoon – face serious headwinds because of high prices and a surge in the supply of new homes under construction. Read more to be well informed