Pursuits
Vancouver and Toronto Show Strong Home Overvaluation, CMHC Says
- West coast city's reading raised to `strong' from `moderate'
- Nationwide overvaluation and overbuilding is `prevalent'
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Canada’s federal housing agency raised its warning level on Vancouver real estate, saying prices of single-detached homes are inconsistent with economic fundamentals.
The city’s property market is showing “strong” evidence of overvaluation, Canada Mortgage & Housing Corp. said in its second-quarter Housing Market Assessment report Wednesday. That’s up from “moderate” in the first quarter.