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By Katie Davis I s Canada overvalued, well according to a Canada Mortgage and Housing Corporation’s (CMHC) report the answer is overwhelm- ing, yes. In a recent CMHC house price analysis and assessment aimed to identify potential risks in Canadian real estate by evaluating economic, financial and demographic factors. 15 real estate markets in Canada were evaluated and CMHC found evidence that overvalued home prices were increasing in 9 of the 15 markets. The latest report from CMHC states that an overvaluation occurs when home prices are so high that they are not fully supported by economic fundamentals such as family incomes, mortgage rates and population growth. The national housing agency says that research shows that the state of the overvaluation in Vancouver and Saskatoon grew from a moderate rating to strong between January and April, joining Toronto and Quebec City. In Hamilton, evidence of overvaluation increased from a weak to moderate rating for the same three-month period, joining Edmonton, Calgary, Regina, Winnipeg, Ottawa, Montreal, Moncton and St. John’s, which all stayed at the moderate rating for overvaluation. The four factors to identify the level of risk in housing markets are: over- heating of demand, accelerating price growth, overvaluation of prices and overbuilding.
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SPOTLIGHT ON BUSINESS • MAY 2016
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