CMHC SAYS HALF OF CANADA’S HOUSING IS OVERVALUED

Canada Mortgage and Housing Corp. says prices are overvalued in 60 per cent of the top 15 cities it surveys across the country. In its Housing Market Assessment Survey, released Wednesday, it said overall evidence of problematic conditions in the housing market for the country as a whole has been bumped up from weak to moderate — with Vancouver singled out for “very high” evi- dence of problematic conditions in its market. Overvaluation was found in nine markets and overbuilding in seven. CMHC says problematic conditions still exist in Toronto, Calgary, Saskatoon and Regina. CMHC also said it sees “moderate evidence” of problematic conditions in Edmonton, Winnipeg, Hamilton, Montreal and Quebec City.