The Canadian Mortgage and Housing Corporation (CMHC) has issued a “red warning” for the entire housing market in Canada.” Red warnings for overvaluation were issued for the Vancouver, Toronto, Hamilton, and Québec housing markets (census metropolitan areas). CMHC also noted that higher prices are spreading to markets nearby Vancouver, such as Victoria and Abbotsford (the Fraser Valley), Kelowna, and to markets adjacent to Toronto. “Moderate” warnings were also issued for Montréal, Calgary, Edmonton, Saskatoon and Regina.
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