CANADA’S housing agency said the country is now at high risk of a sharp correction in home valuations as the continued appreciation in prices becomes unmoored from economic fundamentals.
The Canada Mortgage and Housing Corp (CMHC) raised its market risk assessment to high from moderate on Tuesday, in a report showing both activity and prices remain near record levels reached earlier this year amid rock-bottom mortgage rates and a frenzy for bigger living spaces driven by the Covid-19 pandemic.
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