Canada’s housing market is in danger of a national affordability crisis and will be given a ‘red card’ warning by the CMHC.
In its forthcoming Housing Market Assessment, the corporation will say that as escalating prices spread from Vancouver and Toronto, there is concern that rising household debts and high home prices could pose an economic risk.
"The conditions we now observe in Canada concern us," CMHC chief executive Evan Siddall wrote in a column for the Globe and Mail.
Victoria, Ottawa, Moncton, Halifax and St. John's are exceptions to the rule with “weak expectation of problematic conditions” but Vancouver, Toronto, Calgary, Saskatoon and Regina are all considered at strong risk of problems.
