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.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: