Canada’s housing market is up to 20 per cent overvalued says IMF

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The International Monetary Fund says that Canada’s housing market is up to 20 per cent overvalued. However there are wide regional differences meaning that some areas are just 7 per cent overvalued. The upper figure is broadly in line with that released last week by credit ratings agency Fitch but below the 30 per cent that the Bank of Canada estimated in December. Overvaluation of property is always something of a thorny issue among experts but the IMF is pointing to the slower economic growth in Canada and opining that it will likely have an effect on the housing market despite the lower interest and mortgage rates. Read the full story.

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