CMHC: HAMILTON JOINS LIST OF OVERVALUED HOUSING MARKETS
Jul 27, 2016
By Bob Komsic
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Canada Mortgage and Housing Corporation’s adding Hamilton to its growing list of overvalued real estate markets.
In its just released quarterly assessment, the federal agency says Hamilton’s joined Toronto, Vancouver, Quebec City and Saskatoon as cities whose markets are considered strongly overvalued.
CMHC says the evidence of overvaluation in Hamilton has gone from moderate in its April report to strong now.
The situation in Toronto remains unchanged with strong evidence of problematic conditions driven by overvaluation and price acceleration.
CMHC says there’s strong evidence of overvaluation for Canada as a whole.
It defines overvaluation when prices are higher than they should be based on economic fundamentals.