The doomsayers of the Canadian housing market got a fresh round of ammunition this week.
First, the Organization of Economic Co-operation and Development warned of the risk of a “disorderly correction” in the Canadian real estate market. Then the credit-rating firm Fitch Ratings said the country’s residential prices are overvalued by 21 per cent. Homes in British Columbia, Ontario and Quebec, where prices are apparently inflated by a whopping 27 per cent, are viewed as the most vulnerable to a correction.