File photo Advocate staff

Canada’s housing industry is still highly vulnerable to market instability: CMHC

TORONTO — For the seventh straight quarter, the Canada Mortgage and Housing Corporation says the country is facing a high degree of vulnerability to market instability.

The Crown corporation says Toronto, Hamilton, Vancouver and Victoria are of the most concern because of overvaluation and increasing home prices in the areas.

Winnipeg, Ottawa, Quebec City, Moncton, Halifax and St. John’s are faring much better, with the corporation giving their housing markets a low vulnerability ranking.

Montreal also landed a low vulnerability ranking, but CMHC warned it might have to revise that assessment, given the rapid growth of house prices in some neighbourhoods.

CMHC ranked Calgary, Edmonton, Saskatoon and Regina as having moderate vulnerability because of overbuilding in those markets.

To make its quarterly assessment, CMHC says it analyzed the overheating of markets, the acceleration of home prices, overvaluations and overbuilding.

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